Kazakhstan Is Eager To Abandon The OPEC+ Deal

Kazakhstan meticulously studied the lessons of the 2014/2015 oil slump and has so far survived the last 12 months’ market depression with legislative and executive poise. Though still heavily dependent on oil revenues, the Kazakh authorities have seen the tenge depreciate over the course of 2020, digesting most of the COVID-triggered domestic shocks.

Thanks to a traditionally low level of indebtedness (around 19% before COVID hit in, currently around 24% of GDP) and substantial international reserves, Astana still has a lot of leeway to restart…