Kazakhstan Halves Oil Production After Export Terminal Shutdown — Reuters
Kazakhstan sharply reduced its oil production after the Black Sea terminal of the Caspian Pipeline Consortium (CPC)—through which more than 80% of Kazakhstan’s oil exports pass—ceased operations.
The terminal was shut down following drone attacks on oil tankers.
According to Reuters, the sharpest decline was recorded at the Tengiz field, operated by the American company Chevron. Production there has more than halved—from an average of 925,000 barrels per day to about 406,000 barrels.
Overall, oil and gas condensate production in Kazakhstan fell from 2.07 million to 1.63 million barrels per day. Nearly 2% of global oil shipments pass through the CPC pipeline system, so the halt in exports has heightened concerns about the stability of the global oil market.
Russia accused Ukraine of attacking the tankers, but the Ukrainian side has not commented on these allegations.
Source: Reuters.
Kazakhstan plans to suspend oil pumping to the Caspian Pipeline Consortium (CPC) marine terminal in Novorossiysk following attacks on tankers in the Black Sea.
Kazakhstan has returned to normal oil production levels at one of the country’s largest fields—Karachaganak. Following the completion of maintenance work, production has returned to normal levels. This was reported by the Kazakh Ministry of Energy, which noted that the field is once again operating as usual.
