Fitch Ratings expects that Kazakhstan will continue to rely on Russia as the main export route for its oil.
«In 2023, almost all Kazakhstani oil exports were through Russia, as Kazakhstan is a landlocked country. Kazakhstan can export limited volumes through the Kazakhstan-China pipeline, via sea transportation through Azerbaijan, Georgia, and Turkey or by railway. However, these options are significantly more expensive and could require further investments in infrastructure. We assume that Kazakhstan will continue to be able to export oil through Russia and our forecast incorporates no sizeable politically-motivated interruptions to export flows,» said...