Kazakhstan Oil Output Plummets Amid Terminal Closure and Drone Attacks
Kazakhstan's oil production has taken a sharp hit after drone attacks forced the closure of its main export terminal. The Chevron-led Tengiz field, Kazakhstan's largest oilfield, saw output more than halve to around 406,000 barrels per day on Wednesday from July's average of 925,000 bpd.
The decline is particularly concerning as it accounts for a significant portion of the country's crude shipments. Overall oil and gas condensate output in Kazakhstan declined on Wednesday to 1.63 million bpd from July's average of 2.07 million bpd.
The attacks, which targeted oil tankers at the Caspian Pipeline Consortium's Black Sea terminal in Russia, have been blamed by Russia on Ukraine. The suspension of loadings from the CPC pipeline adds to global oil concerns as supply disruptions continue to plague major producers such as Iran and Saudi Arabia.