"We were granted export clearance for June so operations continue as normal."
Oil exports from Kazakhstan's Karachaganak field are continuing as normal after a tax dispute which threatened to cut flows from Sunday was averted, a spokeswoman for field operator Karachaganak Petroleum Operating said Monday. Uncertainty over the introduction of the country's new $15/barrel crude export tax from June 1 had threatened to halt Karachaganak exports.
"High oil prices are the result of supply and demand factors that are likely to persist for some time. Supplies have been affected by low capacity expansion and declining yields, while demand has surged largely due to growth in emerging markets. Speculation and the depreciation of the dollar are likely only small factors behind oil price increases."
Current high oil prices are mainly due to supply and demand fundamentals, with the activity of speculators and the weak US dollar having only a modest impact on prices, US US Treasury Secretary Henry Paulson aid Monday in Abu Dhabi.
Updated: June 2, 2008
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