Kazakhstan's Oil Output Plummets Amid Terminal Closure
Oil production in Kazakhstan has dropped significantly following the closure of its main export terminal due to drone attacks. The Black Sea terminal, operated by the Caspian Pipeline Consortium (CPC), serves as the primary outlet for Kazakhstan's crude exports.
The Chevron-led Tengiz field, Kazakhstan's largest oilfield, has seen a particularly sharp decline in output. According to industry sources, production at Tengiz more than halved from 925,000 barrels per day in July to around 406,000 bpd on Wednesday.
Overall oil and gas condensate output in Kazakhstan declined by nearly 21% from July's average of 2.07 million bpd to 1.63 million bpd on Wednesday. The CPC pipeline accounts for more than 80% of Kazakhstan's oil exports.
Russia has accused Ukraine of targeting CPC tankers, which are a critical component of global oil supply chains. The disruption adds to existing concerns over oil supply following the war in Iran and disruptions to Saudi Arabian production.