Kazakhstan will change the name of oil exported through Russian seaports to Kazakhstan Export Blend Crude Oil (KEBCO) to distinguish it from oil from Russia to reduce customs clearance and financing risks, Reuters reported.

"Due to recent significant geopolitical changes ... and to avoid negative effect of the changes on Kazakh oil exports via Russian ports, from June 2022 the following name for the grade applies - KEBCO (Kazakhstan Export Blend Crude Oil)", Kazakh oil producer CNPC-Aktobemunaigaz that transits its oil via Russian ports said in a written answer to Reuters request.

Four sources at Kazakh oil companies involved in transit through Russian seaports also confirmed the name change for their oil and said the change to KEBCO would take effect on Monday for all official documents.

According to one source, the Kazakh Energy Ministry is about to seek government permission to officially use the new name.