Kazakhstan oil output halved after CPC terminal closure

Kazakhstan's oil production more than halved to around 1 million barrels per day following the closure of the Caspian Pipeline Consortium (CPC) terminal at Russia — Novorossiysk on Russia's Black Sea coast due to drone attacks. The CPC pipeline, which accounts for over 80% of Kazakhstan's oil exports, suspended loadings after tankers were attacked. Output at the Chevron-led Kazakhstan — Tengiz Field, Kazakhstan's largest, dropped to about 406,000 bpd from 925,000 bpd. Loadings later resumed, but the disruption adds to global oil supply concerns amid the Iran war and Strait of Hormuz closure. Kazakhstan's President Tokayev urged a freeze of the Ukraine conflict.