Political turmoil in Kazakhstan upends uranium and energy markets

Political turmoil in Kazakhstan upends uranium and energy markets

Protests in Kazakhstan may create even tighter markets and higher prices for uranium and oil than previously anticipated. Violent protests in Kazakhstan, which is a major producer of oil, coal, natural gas and uranium have seen spot prices jump dramatically.

Kazakhstan supplies 43% of the world’s uranium and the unrest has seen uranium prices rise 3.89% since Wednesday to US$45.40 per pound.

National Kazakhstan entity and the world’s largest producer and seller of natural uranium NAC Kazatomprom JSC’s shares have fallen 11%, while the share price of North American and Australian uranium companies continues to rise. Oil disruptions

In addition to being the largest supplier of uranium, Kazakhstan produces about 1.6 million barrels of oil a day.Protesters have arrived at key Kazakhstan oil fields including the country’s largest Tengiz, which Chevron operates.This led to production and supply chain disruptions and have pressured oil prices as other major producers showed limited increase […]

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