Tuesday, January 11

Oil prices are not static due to disruptions in supply from Kazakhstan and Libya.

Oil prices rose slightly on Monday (January 10th) amidst supply disruptions from Kazakhstan and Libya, as well as fears of a rapid global increase in Covid-Omicron infections. Oil prices rose by 5% last week after the crisis in Kazakhstan disrupted railways and damaged its production at the country’s largest field, Tengiz. That notwithstanding, Oil prices started stabilizing as export deficits from Kazakhstan and Libya weakened last week. A joint venture led by Chevron (NYSE: CVX), which operates in the Tengiz field with a capacity of 600,000 barrels a day in Kazakhstan, was said on Sunday to have been gradually returning to its normal production levels after the protests halted its productions last week, reported investing.com

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