Kazakhstan Oil-Halt Threat Similar to Libya for JBC Energy
Thursday 22 December 2011
(Bloomberg) – A halt to oil production in Kazakhstan, where riots left at least 14 people dead over the weekend, would have a similar impact on crude prices as the conflict in Libya, according to researchers at JBC Energy GmbH and Global Risk Management.
Concern over disruption in the nation intensified this week as clashes in western Kazakhstan spread after police fired on oil workers who have been holding strikes since May. The 14 people who died were killed in rioting during Independence Day celebrations on Dec. 16, the worst violence since the country broke from the Soviet Union two decades ago.
- Kazakhstan Oil Production by Year
Kazakhstan, the second-biggest oil producer in the former Soviet Union following Russia, pumped 1.76 million barrels a day last year, compared with 1.66 million barrels in Libya, according to the BP Statistical Review of World Energy. Both countries’ crudes yield larger-than-average amounts of the more lucrative oil products such as diesel and gasoline.