Quotations of basic grades of oil considerably grew
Quotations of the basic grades of oil, following the results of tenders on Monday, have considerably grown, the agency reports referring to the message of the group of companies OMT Consult.
Moscow. May 7. Kazakhstan Today - Quotations of the basic grades of oil, following the results of tenders on Monday, have considerably grown, the agency reports referring to the message of the group of companies OMT Consult.
According to the company, June North Sea oil Brent contract at London stock exchange InterContinental Exchange has risen in price by $3.43 - up to $117.99 for barrel. According to the company, June contract of North Sea oil Brent at London stock exchange InterContinental Exchange has risen in price by $3.43 - up to $117.99 for barrel. The future contract of Texas light oil WTI with delivery in June on New York commodity exchange NYMEX has grown in price by $3.65 - up to $119.97 for barrel.
"Following the results of the regular trading session on the New York commodity exchange, the price for oil on Monday has continued to show significant growth. The reasons of such growth of oil quotations became fears concerning deliveries of crude oil from Nigeria and weak US dollar," the message informs.
According to the information, attacks of rebels of the Movement for Liberation of the Niger River Delta on oil infrastructure of the companies Royal Dutch Shell PLC occurred last weekend negatively influenced the market of oil. Shell had to reduce volumes of export of oil from Nigeria by about 170 thousand barrels a day.
The other important factor that affected prices for oil became US macroeconomic parameters, indicating that demand for oil and mineral oil in the country can essentially grow.
The demand for mineral oil is not very high. "Due to low rates of economic growth and high prices for fuel, negatively influencing consumption, the USA demand for mineral oil was reduced by 2.7 %. However, the experts hope that recession in the USA can be compensated by growth of demand in such countries as China, Russia and India," the daily review of the oil market prepared by OMT Consult states.
Dollar exchange rate decreased at the currency market on Monday. Dollar Index, estimating cost of the American dollar in relation to a basket of six basic currencies, has decreased by 0.46 % and made 73.16. Such phenomenon has allowed the participants of the market playing on increase, the message underlined.
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ADB: Kazakhstan's economy to grow 3.8% in 2024, 5.3% in 2025
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Economic prospects
ADB forecasts that GDP growth will slow in 2024 but recover in 2025. Growth is forecast to decline to 3.8% in 2024, with industry slowing due to stagnant oil production, before accelerating to 5.3% in 2025 as the expansion of the Tengiz oil field leads to higher oil production starting from the second quarter of 2025.
The prospects for Kazakhstan’s economic development look positive in the medium term," said ADB Country Operations Head in Kazakhstan Iskandar Gulamov.
However, the economy’s dependence on commodities makes such growth volatile-so structural reforms are key to bolstering the country’s economic resilience and sustainability," he added.
Despite a slowdown in 2024, economic growth is expected to be bolstered by consumer spending and investment demand. The anticipated growth in consumption is forecasted to moderate to approximately 4% in both 2024 and 2025 due to a slower increase in real disposable incomes.
Services growth is forecast to slow to 4.7% in 2024 after record growth in 2023 before rebounding to 4.9% in 2025, supported by trade, transport and hospitality, and trade facilitation between Europe and Asia. Industrial growth is forecast to slow to 3.5% in 2024, with smaller gains in mining, and accelerate to 5.7% in 2025 as oil production increases.
Investment growth in Kazakhstan is also projected to moderate, reaching 14.5% in 2024 and 9.0% in 2025, following the completion of significant infrastructure projects. Despite the support from state-sponsored housing construction initiatives and endeavors to attract foreign investment, these factors are expected to contribute to the overall moderation in investment growth.
Inflation rates
ADB forecasts that service prices are forecast to be the main source of inflation, rising 9.8% in 2024 and 8.1% in 2025 due to government-announced increases in utility prices.
The National Bank of Kazakhstan will gradually ease monetary policy and reduce the policy rate in line with the decline in inflation and inflationary expectations. However, rising utility prices and continued strong domestic demand will keep inflation above the National Bank's 5% target.
Caucasus and Central Asia economies
According to an ADB report, Caucasus and Central Asia economies will slow after the boost from re-exports and Russian migrant inflows in 2023. Growth in the subregion is forecast to fall to 4.3% in 2024, down from 5.3% in 2023 bouncing back to 5.0% in 2025.
In Uzbekistan, growth is forecast to moderate to 5.5% in 2024 and 5.6% in 2025 from 6% in 2023, as services, agriculture, and domestic demand cool on persistent inflation and slower growth in household income.
In the Kyrgyz Republic, growth is projected to moderate in 2024 and 2025 with smaller gains in construction and services. Inflation should decline under continued tight monetary policy.
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7th meeting of the Committee for Cooperation of the Republic of Kazakhstan - European Union in trade configuration was held
Images | Ministry of Trade and Integration
On April 9, 2024, in Brussels the 7th meeting of the RK-EU Cooperation Committee in a trade configuration chaired by the Vice-Minister of Trade and Integration of the RK Kairat Torebaev and Acting Director of Directorate E in the European Commission's Directorate-General for Trade and Chief Advisor to the Director-General, Management with Southern Neighbors, the Middle East, Turkey, Russia and Central Asia Leon Delvauxб press service of the Ministry of Trade and Integration reports.
Speakers from government bodies of the Republic of Kazakhstan and the EU were connected online; representatives of the Ministry of Railways, the Ministry of Foreign Affairs, the Ministry of Finance, the Ministry of Justice, the Ministry of Agriculture, JSC CRTP QazTrade and JSC Kazstandard took part from the Republic of Kazakhstan.
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The importance of interaction in the field of technical regulation, standardization, and metrology was noted.
Moreover, following the results of the 7th meeting, an agreement was reached on the arbitrators in accordance with Article 196 of the EPCA.
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