Quotations of basic grades of oil increased
Moscow. May 30. Kazakhstan Today - Quotations of basic grades of oil, following the results of tenders on Wednesday, have increased, the agency reports referring to the review of oil market of group of companies OMT Consult.
According to the group, North Sea oil Brent July contract on London stock exchange InterContinental Exchange has risen in price by $2.62 - up to $130.93 for a barrel. The future Texas light oil contract WTI with delivery in July on New York commodity exchange NYMEX has grown in price by $2.18 - up to $131.03 for a barrel.
According to the review, despite of strengthening of dollar exchange rate (Dollar Index has increased by 0.3 % - up to 72.605), quotations of basic grades of oil have grown in connection with panic of market participants about stocks of oil and mineral oil in the USA, which have appeared controversial.
In the analysts' opinion, stocks of crude oil in the USA last week grew by 750 thousand barrels, stocks of gasoline increased by 400 thousand barrels, and stocks of distillates - by 800 thousand barrels. According to the other experts, stocks of crude oil in the USA last week fell by 600 thousand barrels, stocks of gasoline were reduced by 300 thousand barrels, and stocks of distillates grew by 850 thousand barrels.
"According to Morgan Stanley forecasts on further development of the situation in oil market, cost of barrel of oil of Brent brand, extracted in the North Sea, may reach $150 for a barrel.
In addition, in the opinion of oil market experts, growth of oil quotations is related to the fact that oil is of high demand at the developing markets. In this connection, China Petroleum & Chemical Corp will suspend export of oil products in the third quarter to satisfy internal demand during summer for the period of the Olympic Games in Beijing.
The situation in Nigeria has worsened market players' situation. "In connection with the threats of Nigerian terrorists to organize a number terrorist attacks in oil-extracting regions of the country, panic of market participants about interruptions of supply of oil to the world market has grown," the review specifies.
This information may not be reproduced without reference to Kazakhstan Today
relevant news
Asian region has good potential to continue stimulating global growth and development in upcoming years - Tokayev
Asia is expected to ensure 60% of global GDP growth this year. The continent accounts for 53% of global trade and is home to some of the world's largest and most dynamic economies. Foreign direct investment in Asia has increased significantly in recent years. This region is also home to the world's leading technology centers which ensure 70% of patent developments. The continent has significant human resources, with 21 of the world's 30 largest cities located in Asia. Out of $30 trillion of middle class consumption growth by 2030, only $1 trillion is expected to come from Western economies. As a whole, all these factors point to the so-called "Asian Renaissance," he said.
In this regard, the Boao Forum for Asia became the embodiment of the Asian innovative approach to achieving universal economic progress. It has also proved to be an exceptional symbol of China's commitment to global development," he stressed.
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.
Olzhas Bektenov discussed with ENI Upstream Director Luca Vignati the implementation of joint projects and increasing Kazakh content at Karachaganak and Kashagan
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.
Olzhas Bektenov and representatives of Société Générale Bank discuss attracting private capital to Kazakhstan
As the Head of State Kassym-Jomart Tokayev noted, it is necessary to actively involve international banks to attract foreign investment in Kazakhstan. In this direction, the Government is ready for mutually beneficial partnership and will assist in the implementation of projects important for the country," Olzhas Bektenov emphasised.
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.
Kazakhstan set to reduce crop areas
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.
Kazakhstan-Qatar relations at new level: Governments on behalf of heads of state launched investment projects worth $17.6bn
Qatar is an important economic partner of Kazakhstan in the Arab world. The agreements reached during the visit of the Head of State Kassym-Jomart Tokayev to Qatar bring our investment co-operation to a qualitatively new level. We are on the threshold of implementation of large-scale and strategically important investment projects for an unprecedented amount of $17.6 billion," Olzhas Bektenov stressed.
There is a good political basis for strengthening co-operation between our countries. Earlier during the visit, our heads of state expressed readiness to bring cooperation to a higher level and implement a number of joint projects. Our today's meeting will make it possible to realise the agreements reached at the highest level. For our part, we are ready to explore new avenues to broaden and deepen cooperation," Sheikh Mohammed bin Abdulrahman Al Thani said.
- projects for the construction of gas processing plants totalling about $5.7 billion. Implementation of the projects will saturate the domestic market and increase export volumes of marketable gas;
- projects for the construction of the Aktobe-Kostanai and Beineu-Bozoi-Shymkent trunk gas pipelines totalling about $7.7 billion aimed at developing gas supply to Kazakhstan's regions, ensuring natural gas supplies to backbone enterprises and the population of northern regions, and expanding the country's export opportunities;
- projects to build a power plant based on a combined cycle gas turbine with a capacity of 1100 MW and a hydroelectric power plant with a capacity of 350 MW for a total of about $2.7 billion, aimed at ensuring Kazakhstan's long-term energy security;
- projects to build plants for deep processing of wheat, peas and milk.
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.
Kaizen helps save raw materials and water in production
Last year, the plant underwent training on the implementation of the Kaizen lean production system," says Daniyar Kakimov, director of Ferrum Contract LLP. - We invited a trainer who taught employees the principles of Kaizen, introduced them to eight types of losses in production, and taught them how to find problem areas and quickly eliminate them. The training gave a positive result: employees learned to save raw materials, especially PET containers, glue and labels, and most importantly, water and electricity costs decreased. This saves money."
We plan to use part of the costs that QazIndustry reimbursed us for further improvement of production and technological processes, as well as for training workers and improving their competencies," shared D. Kakimov.
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.
Turkestan region has become the leader in investment in the furniture industry
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.
Ministry of Industry and Construction of the Republic of Kazakhstan supports the proposals of Kazakhstan designers for new approaches in the construction industry
These proposals are supported by the authorized body. Moreover, work on the first two proposals is already underway actively. We consider these proposals to be radical, timely, and well-founded" Timur Karagoyshin stated.
We support this initiative because, currently, these services not only duplicate each other but also dilute responsibility and act as a catalyst for the development of a corrupt environment" Timur Karagoyshin highlighted.
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.
Most viewed
28.03.2024, 07:24GCC is Interested in Further Strengthening Cooperation with Kazakhstan 28.03.2024, 10:23 3646Asian region has good potential to continue stimulating global growth and development in upcoming years - Tokayev28.03.2024, 09:28 1061Military helicopters evacuate over 100 people from flood affected areas in Kazakhstan28.03.2024, 08:41 791Rybakina draws level with world No 1 Iga Swiatek
21.03.2024, 13:27 34776Kassym-Jomart Tokayev congratulates Kazakhstanis on Nauryz meiramy21.03.2024, 17:33 34651Almaty budget grows by 55% to reach KZT 287.5 bln, mayor21.03.2024, 16:36 34526Seismic security - key factor of national security, Kazakh President21.03.2024, 09:10 33516President and Prime Minister of Israel Received Ambassador of Kazakhstan21.03.2024, 18:12 33361Cooperation in the Field of Forestry Between Kazakhstan and Korea is Deepening
04.03.2024, 18:28 94861Implementation of Artificial Intelligence in Geology: Memorandums of Understanding Signed During Kanat Sharlapayev's Visit28.02.2024, 18:03 94681Kazakhstan, Japan agree to resume direct flights27.02.2024, 14:08 92031Tech, tourism, education main attraction for Central Asian countries in India27.02.2024, 16:06 90221Kazakhstan confirms date for President Tokayev's visit to Azerbaijan29.02.2024, 13:01 90191Eight projects are planned to be launched in the manufacturing industry of the Kyzylorda region