Kazakhstan's Oil Output Sinks Amid Terminal Closure

Kazakhstan's oil production has plummeted in recent days following the closure of its main exporting terminal in Russia. According to an industry source, oil and gas condensate production in Kazakhstan more than halved on Sunday from the average June levels to 133,200 metric tons, or around 1 million barrels per day, down from 2.16 million bpd.

The energy ministry said last week that oil companies had reduced output due to export constraints, citing safety concerns related to pipeline loading operations being suspended for Caspian Pipeline Consortium's pipeline. However, the ministry did not reveal the scale of production cuts at the time.

It is worth noting that Kazakhstan is among the world's 10 biggest oil producers, and this sudden decrease in output could have significant implications for global oil markets.