Kazakhstan Updates Crude Oil Pricing Methodology with KEBCO Spread

The Government of Kazakhstan has introduced changes to the pricing methodology for crude oil and gas condensate exports. The amendments, outlined in Resolution No. 763 dated August 26, 2026, have a retroactive effect from January 1, 2026.

The updated Methodology applies a KEBCO (Kazakhstan Export Blend Crude Oil) spread to the base quotation for crude oil export sales. The spread is determined using data from three sources: Platts, Argus Media, and Refinitiv.

Quotations of the North Sea benchmark, including Brent (Dated), North Sea Dated (NSD), and BFOE, have been retained in the updated Methodology.

The changes require that sale and purchase contracts specify an official source of information for each element of the formula. Companies are advised to review their contracts for compliance with the new Methodology.