Kazakhstan's CPC Blend crude is trading at $120.17 per barrel, above the price of benchmark Brent. Oil remains the country's main export, and revenue from its sale makes up a significant share of the budget and flows into the National Fund, according to infohub.kz.
Independent financial analyst Andrey Chebotarev, writing on his Finance.kz channel, explains that the notable price gap stems from the properties of Kazakh crude. "CPC Blend is a very light oil – the lighter the oil, the more light fractions it yields: gasoline and petrochemical feedstock. The world has a shortage of light oil, and our oil goes to Europe, which has also been hit hardest by the oil shortage," the source quotes him as saying.
Against the backdrop of conflicts in the Middle East that have disrupted major global export routes, Brent remains expensive. According to Oilprice.com, as of September 18 the price of a barrel of Brent had risen from $72 in July to $103. Kazakh CPC Blend turned out to be even more expensive – $120.17 per barrel.
In July, the country's trade surplus reached $4.8 billion, with goods exports exceeding imports: $10.2 billion versus about $5.4 billion. Goods exports thus significantly outpace imports, creating a substantial source of foreign currency inflows. However, not all of the proceeds stay in the economy.
According to Saida Tleulenova, a financier and expert at the Qazaq Expert Club, Kazakhstan's trade surplus for January–July 2026 grew by 63%, from $8.6 billion to $14 billion. Oil export revenue accounted for 46% of that sum. Higher oil profits mean more tax revenue from exporting companies, which helps replenish the National Fund and the state budget. Yet not all revenue from oil sales remains in Kazakhstan.
"Part of the export revenue subsequently goes to pay for foreign services, investment income to foreign investors, servicing external obligations and other payments," the source notes.
Another important indicator, according to the expert, is the growing share of non-commodity exports. "According to the Ministry of Trade, in the first half of 2026 exports of non-commodity and processed goods rose from $12.9 billion to $15.2 billion. This points to a gradual expansion of the export base, although it is not yet enough to remove the external sector's dependence on commodity prices," Tleulenova believes.
Thus, in 2026 Kazakh oil has been more expensive than Brent and is supplied mainly to Europe, but part of the revenue settles outside the country. At the same time, exports of non-commodity goods are also growing, a positive sign for economic growth.