Kazakhstan's Oil Output Slashed Amid Russian Terminal Closure

Kazakhstan's oil production has plummeted by more than half due to the closure of a major exporting terminal in Russia's Black Sea, an industry source revealed. This comes after drone attacks on several tankers at or near the terminal.

The Caspian Pipeline Consortium pipeline accounts for over 80% of Kazakhstan's oil exports, which are mostly carried out via Russia. The pipeline runs from Kazakhstan's Tengiz oilfield to the port of Novorossiysk on Russia's Black Sea coast.

Oil production in Kazakhstan dropped to around one million barrels per day, down from an average of 2.16 million bpd in June. This significant decline is likely to exacerbate global oil supply jitters.