The raging elements have dealt a significant blow to the social and economic infrastructure, even causing a spike in oil prices: the storm is hindering the export of Kazakhstani oil from the port of Novorossiysk.

Interestingly, a year ago, President Tokayev spoke about the necessity of constructing an oil storage facility that would minimize the impact of such incidents. But…

Here’s what expert Nurlan Zhumagulov writes about it:

«The daily oil production has already decreased by 100,000 tons. The Karachaganak Consortium has now reduced production by 34%, from 36 to 23.8 thousand tons. Over the past 4 days, the reduction in TCO (Tengizchevroil) production is 67% (from 83.4 to 27.2 thousand tons), and for NCOC (North Caspian Operating Company) — 65% (from 54 to 18.6 thousand tons). In total, over these 4 days, oil producers have reduced production by 280,000 tons (worth $160 million). According to the weather forecast, the waves in the Novorossiysk area should calm down today. The main thing is that all 3 VPU (offshore loading units) at the KTK terminal are in working condition. A year ago, during his visit to Atyrau, President Tokayev instructed to build an oil storage facility. Remember? It’s interesting, did they act on the President’s instructions, or was it forgotten?»