Kazakhstan

Kazakhstan remains largely insulated from the current global energy crisis, maintaining a stable risk profile. As a significant oil producer with zero import dependency and no exposure to the Strait of Hormuz, the country is benefiting from elevated global oil prices. Domestic gasoline prices are low at $0.52/L, supported by ample reserves for 365 days, and food security is stable despite an 18% increase in fertilizer costs. The outlook for Kazakhstan is positive, with its energy export revenues providing a strong economic buffer against global instability in the coming weeks.