Kazakhstan’s 2022 revenue from oil exports increased by 50%, thanks to the explosion in the price of crude oil, even as the volume of oil deliveries abroad decreased, statistical data published on Tuesday showed, reports Reuters.

Kazakhstan depends on the transportation of oil to the territory of Russia, a country that has been affected by Western sanctions imposed on Moscow due to the invasion of Ukraine.

According to official data published by the National Bureau of Statistics of Kazakhstan, in 2022 the value of Kazakhstan’s oil exports rose to 46.8 billion dollars, as 65 million tons of oil were exported, compared to 31 billion of dollars generated in 2021 from the export of 65.5 million tons of oil.

The increase in income in 2022 came as a result of the increase in the price of oil, as the average annual price for oil exported by Kazakhstan rose to $720 per ton last year, from $473 per ton in 2021, according to Agerpres.

Based on Reuters estimates, in the period January-February 2023, the average price for oil exported by Kazakhstan was 621 dollars per ton, compared to 697 dollars per ton in the same period last year.

Over 90% of Kazakh oil reaches export markets via the Caspian Pipeline Consortium (CPC) pipeline and the network controlled by Transneft, the company that holds the monopoly on oil pipelines in Russia.

According to information previously published by the Kazakh State Revenue Committee, tax revenues received by the National Fund of Kazakhstan from the oil sector (taxes on profits, taxes on the extraction of mineral resources, taxes on exports and payments made under sharing agreements of production) doubled last year to $13.87 billion, from $6.11 billion in 2021. In the first two months of this year, revenue from taxes paid to Kazakhstan’s National Fund by the oil sector amounted to 2.68 billion dollars, up from 2.10 billion dollars in the same period last year.