Kazakhstan bans export of oil

Discussion in 'Wall St. News' started by makloda, May 20, 2008.

  1. http://www.iht.com/articles/ap/2008/05/19/business/AS-FIN-Kazakhstan-Fuel-Ban.php

    ALMATY, Kazakhstan: Kazakhstan on Monday banned the export of all refined oil products, news agencies reported, as the energy-rich Central Asian nation grapples with soaring fuel costs.

    The announcement, made by Prime Minister Karim Masimov at a government meeting, comes just days after opposition parties called on his government to resign amid what they call a worsening economic climate.

    Kazakhstan has huge oil and gas resources, but soaring prices for consumer products like diesel and other fuel are having a knock-on effect on the country's agricultural sector.

    The increase in the cost of diesel and gasoline have outstripped the rate of inflation in recent months. Inflation already looks set to hit last year's rate of 18 percent.

    Industry insiders insist rising fuel costs are caused by foreign demand, but the head of Kazakhstan anti-monoply body said Monday he believed there have been instances of price-fixing for some forms of fuel.

    "We need to study the cost of producing oil and the cost of its transportation to refineries," Nurlan Aldabergenov was quoted as saying by the Kazakhstan Today news agency.

    Soaring costs for basic food staples are causing widespread discontent among Kazakhstan' relatively poor population.

    The government earlier this year banned all wheat exports until September in an effort to tamp costs for the commodity.

  2. Valero Oil



    shortages at which others too?
  3. balda


  4. Very nice, how much?
  5. protectionism is spreading fast as wobbly governments fear the noose

    I sense panic near the exits
  6. balda


    Could be the catalyst to send this market to a new lows.
  7. "I have signed a decree today banning exports of oil products," Prime Minister Karim Masimov told a government meeting. "We must stop the growth (of fuel prices)."

  8. balda


    He must be talking about Kazakhstan prices. They've got so much oil yet prices are going up. 18% inflation :eek:
  9. Brandonf

    Brandonf ET Sponsor

    There is a decent article in Forbes this weekn on Kazakhstan and the corruption there and shit they have pulled for years on foreign companies operating there.
  10. Yeah it's just the way it's worded makes him sound like King Canute. What I want to know is if they're not exporting oil what the heck will they export?

    With a population of 15m and decent reserves of 100bn barrels plus natural gas they should be the next Saudis, so I still don't understand why banning all exports will help.

    They should all be millionaires :eek:
    #10     May 20, 2008