Kazakhstan Oil Output Plummets 21% Amid Caspian Pipeline Halt

Kazakhstan's oil output plummeted by 21% on July 22 after the Caspian Pipeline Consortium (CPC) halted operations, citing a surge in tanker attacks near its Black Sea terminal.

The shutdown led to a 56% drop in production at Tengiz, Kazakhstan's largest oilfield, from an average of 925,000 barrels per day in July to about 406,000 on Wednesday.

Chevron owns 50% of Tengizchevroil, while ExxonMobil holds 25%, KazMunayGas 20%, and Lukoil 5%. The field provides a large share of Kazakhstan's oil production and export income.