Kazakhstan Oil Output Plummets Amid CPC Suspension

Kazakhstan's oil production has taken a significant hit due to the suspension of the Caspian Pipeline Consortium (CPC) for receiving raw materials for export through the Black Sea terminal. The country reduced its daily oil and gas condensate production to 215.6 thousand tons, equivalent to approximately 1.63 million barrels, on July 22.

This is a drastic decrease from the average figure at the beginning of the month, which was 274 thousand tons (2.07 million barrels). The largest field, Tengiz, saw production volumes plummet from 925 thousand barrels to 406 thousand barrels per day.

According to oil and gas sector expert Olzhas Baidildinov, the decrease in production is 20% per day, resulting in losses of about $32 million daily for the sector and the state budget.