Kazakhstan Oil Output Cuts Amid Russia Terminal Shutdown
Kazakhstan, one of the world's top oil producers, has faced a significant setback in its energy exports due to the shutdown of its primary export terminal in Russia's Black Sea. The terminal was closed following drone attacks, causing concern about global oil supply, according to an industry source.
The closure resulted in Kazakhstan's oil and gas condensate production plummeting to 1 million barrels per day from its usual 2.16 million bpd, as the Caspian Pipeline Consortium (CPC) faced a week-long suspension.
The CPC pipeline, which is crucial for over 80% of Kazakhstan's oil exports, resumed operations on Monday with two oil tankers berthed for loading. However, the ongoing geopolitical tensions between Ukraine and Russia pose risks to the region's oil infrastructure.