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Kazakh Oil Decouples From Russian Crude

OIL

Kazakhstan has separated its oil exports from those of Russian crude by launching its own KEBCO brand, but sanctions against Moscow are still putting pressure on the price of Kazakh oil pumped through Russian pipelines, Reuters data show.

  • Kazakhstan launched KEBCO last June to distance its exports from the Russian Urals blend amid Western sanctions.
  • The export route via the Russian port of Ust-Luga has long been a secondary one for Kazakhstan which ships most of its crude through the CPC pipeline, but it is an important option for many Kazakh producers.
  • Urals crude currently trades at a $30 discount to Brent, while KEBCO is holding a $20 premium to Urals.
  • KEBCO prices remain at a discount to Brent as traders are cautious about buying from Russian ports, some vessels avoid them altogether, and freight and insurance have become more expensive.
  • Earlier on Monday Poland’s climate minister Anna Moskwa said it is very difficult to prove currently whether oil is from Russia or Kazakhstan, relating to Germany’s anticipated supply of Kazakh crude.
Energy BulletsCommodities
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