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- With the latest twist in the energy crisis, several days of protests over rising fuel costs in Kazakhstan have led the OPEC+ Nation to declare a state of emergency.
- The Government, which caps the price of LPG fuels (a combination of propane, butane and other fuels) many locals use in their cars, announced a price increase for the transport fuel earlier this year.
- As protests of the higher prices spread and turned violent, the Government brought in the military to suppress protestors and institute a curfew across much of the Country.
- The Government on Tuesday night indicated the fuel price cap would be restored, and that a meeting would be convened Wednesday to address further protestor demands.
- Chevron (NYSE:CVX), the largest US producer operating in the Country, has indicated production has been unimpacted thus far.
- There's no indication these protests will sustain, or impact domestic oil supply (NYSEARCA:USO); however, as consumers globally pay ever higher prices for energy, it's worth keeping an eye on signs of unrest or reactionary Government policy.