Kazakhstan

Kazakh Oil Price Holds Steady at $79.87 per Barrel

The price of Kazakh oil has surged to $79.87 per barrel, marking a significant increase in the market, as reported by Kazinform on Jan. 30.

At the same time, Brent crude oil has been on a downward trend for the past five days. Its price on the London International Exchange (ICE Futures) has plummeted from $78.85 to $75.42 per barrel as of 12 p.m. local time in Astana on Jan. 24.

Market dynamics are undergoing a shift, with OPEC+ deciding to delay production increases until April and extending output curbs until the end of 2026 at the conclusion of 2024. The alliance is set to convene on Feb. 3 to strategize for the future.

Financial analyst Andrei Chebotarev pointed out that Kazakhstan may face challenges in restricting oil production due to its plans to boost output this year, particularly with the expansion of the Tengiz oilfield. This initiative is anticipated to elevate Kazakhstan’s global crude oil supply share to 1%.

The Kazakh government has announced its intention to ramp up oil and gas condensate production to 96.2 million tons this year, up from 87.56 million tons in 2024. This surpasses the country’s OPEC+ quota of 1.468 million barrels per day, according to Chebotarev.

In other news, natural gas prices are currently at $3.16 per million BTU, while lithium prices have climbed to $10.85 per kilogram over the week. Global coal prices have dropped to $114.8 per ton, and uranium prices have decreased to $152.54 per kilogram. Gold prices have seen an increase, reaching $88,752 per kilogram, with a gram now priced at $88.75.

According to Reuters, U.S. President Donald Trump has unveiled a plan to boost oil and gas production by declaring a national energy emergency to expedite permitting and rolling back environmental protections. He has also called on OPEC and Saudi Arabia to lower oil prices, suggesting that doing so could help resolve the conflict in Ukraine.

 

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