Oil: Kazakhstan is leading in oil production in the world

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Kazakhstan became one of the main countries, which last year was the peak of oil production in the world. According to the opinion of OPEC, the key drivers of the sector were the United States, Russia, Canada, Qatar and Kazakhstan, while the minus worked in Norway and Mexico. It is strange that this list does not include Venezuela, where the volume of production of black gold dropped to multi-year lows.
According to the data cartel, in 2018 oil production in Kazakhstan grew by 0.08 million barrels per day and amounted to 1.81 million barrels per day. In 2019, Kazakhstan relies on the Kashagan field, but it’s all ambiguous: with the April 14 work on the extraction of raw materials there will be suspended for a period of 45 days.
By the end of March next week, the situation in the economy of Kazakhstan and in the foreign exchange market is assessed as neutral. Despite the relatively high oil prices, the tenge to the end of the week retreats paired with the US dollar and is trading at 378,20. Short-term trading range in the pair dollar/tenge 377,90-378,55, but there is a chance that against the background of stable oil tenge aligned at the beginning of a new week. Euro stable around 426,33 tenge, the ruble hovers near 5,77 tenge fluctuation corridor there is enclosed in the limits of 5.75-5,79 tenge.
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Anna Bodrova,
Senior analyst at information-analytical center,
Alpari