Kazakhstan Oil & Gas Report - Q4 2022

Approximately 90% of Kazakhstan's exports run through Russia, raising concerns that exports will be impacted by international sanctions on purchases of Russian crude, or retaliatory actions by Moscow. Astana has been exploring export alternatives, including crude-by-rail and alternative pipeline routes, although a full shutdown of the major CPC pipeline would trigger significant production declines upstream, posing risk to our current, bullish short-term outlook on the market.