Tengiz output falls by more than half after CPC stops taking Kazakh crude

The Caspian Pipeline Consortium stopped accepting Kazakh crude and suspended loadings at its Black Sea terminal after its storage filled, following drone attacks on tankers near the terminal. Kazakh oil and condensate output fell about 21% on July 22, and Tengiz dropped to roughly 406,000 barrels a day from a July average near 925,000. Chevron owns 50% of Tengizchevroil, so the cut reduces its share of field output.

• Kazakh oil and condensate output: 1.63 million b/d on July 22, against a 2.07 million b/d July average
• Tengiz: about 406,000 b/d, against a 925,000 b/d July average (down 56%)
• The Energy Ministry called the cut a technical measure and gave no restart timetable
• Chevron had said earlier that there was no impact on TCO operations or exports