Market brief · Economy & rates

Export Constraints Curb Kazakhstan’s Ability to Offset the Global Oil Shortage

Kazakhstan, which has major oil reserves, is not in a position to help offset a looming energy crisis by expanding production, industry analysts say. With the Strait of Hormuz blocked, Russia sanctioned and Saudi Arabia’s East-West pipeline knocked out of action by Iranian drones, experts are predicting a spike in energy prices. The Saudi pipeline alone was responsible for supplying up to 4 percent, or 4 million tons per day, of global oil needs, mostly to Asian markets. Kazakhstan cannot be counted on to make up for some of the…