Kazakhstan, among the world's 10 biggest oil producers, has more than halved its daily oil output after the closure of its main exporting terminal in Russia's Black Sea over drone attacks, an industry source said on Monday.
The production decline in Kazakhstan is likely to add to wider global oil supply jitters over the Strait of Hormuz's effective closure and risks of passage over other main sea routes for commodity exports.
It also shows the over-reliance of the world's largest landlocked country on Russia for its energy exports.
The industry source said 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, from 2.16 million bpd.
Kazakhstan's energy ministry said later on Monday that Caspian Pipeline Consortium (CPC) pipeline loading operations had resumed after a week-long suspension.
The pipeline — which runs from Kazakhstan's giant Tengiz oilfield to the Black Sea terminal — accounts for more than 80 percent of oil exports from the country, where a number of international oil majors operate, including Chevron and ExxonMobil.
The ministry said two oil tankers — Seamajesty and Milos — were berthed for loading at the CPC terminal. Both vessels were loading U.S. Chevron-led Tengizchevroil volumes, it added. It did not comment on the output cuts.
It had said last week that oil companies had reduced output due to export constraints and CPC loadings had been suspended for safety reasons.
CPC also said two tankers were berthed at the Black Sea terminal as of Monday, adding its pipeline has been back online since 12:28 p.m. Moscow time (0928 GMT).
The Suezmax vessel Asia chartered by Chevron was also at the Black Sea terminal at midday on Monday, according to LSEG data.
Chevron said it "continues to monitor the situation at CPC", adding that the safety and security of personnel remained its top priority. It declined further comment.
More than 1,500 km (940 miles) long, the CPC pipeline runs from Kazakhstan's Tengiz oilfield in the west of the country via Russia to the port of Novorossiysk on Russia's Black Sea coast.
Drones attacked several tankers at or near the terminal as Ukraine and Russia have escalated counterattacks on vessels and other targets as the more-than-four-year war rages on.
Reuters
