Oil Eases as Kazakhstan Unrest Abates

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Military vehicles patrol the streets in central Almaty on 7 January

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AFP via Getty Images

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Russian President Vladimir Putin told the governments of former Soviet states on Monday that they could trust moscow To protect them from popular uprisings, as the capital of Kazakhstan was returning to near normalcy after a week of unrest.

Troops from a military coalition of Russia and its allies in a region known as the Collective Security Treaty Organization last week helped the Kazakh government crush protesters who took to the streets to protest a massive increase in car fuel.

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During the CSTO virtual summit, Putin described the events in Kazakhstan as “not far and away from the last attempt to intervene in internal affairs”. [former Soviet] state from outside. ,

Kazakhstan is a major oil producer, currently producing 1.6 million barrels per day. Crude oil prices were marginally lower on Monday after rising more than 5% during the previous week.

Brent was down 0.2% at $81.60 a barrel, with West Texas Intermediate at $78.79 a barrel.

A Reuters correspondent on Monday described the Kazakh capital Almaty as gradually returning to normalcy, with shops reopening and public transport working.

Internet was also turned back on. The nationwide cuts ordered by the government last week particularly affected bitcoin miners, who have moved from China to the country in recent months following Beijing’s crackdown on the crypto-assets.

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