Kazakhstan Oil Exports Plummet Following Drone Strike

Kazakhstan's oil output declined by 6% in December following a Ukrainian drone attack on a Russian terminal used for exports. The damage affected oil sales and production at Kazakhstan's largest oilfield, Tengiz, further amplified by prior maintenance issues and constraints from export routes.

Kazakhstan experienced a significant dip in oil production in December, dropping around 6%, according to industry sources. This decrease followed a Ukrainian drone attack targeting the Russian Black Sea terminal used for Kazakhstan's oil exports, complicating the nation's energy logistics.

The attack on the Yuzhnaya Ozereevka terminal by the Caspian Pipeline Consortium severely disrupted Kazakhstan's oil sales, affecting both Kazakh and Russian exports. Reports suggest oil production at the Tengiz oilfield reduced by 10% in December, largely due to compromised export routes.

Even with Chevron's massive $48 billion investment to boost Tengiz field's output, external threats and logistical setbacks have hindered desired growth, seeing Kazakhstan's CPC Blend exports at their lowest in 14 months.

(With inputs from agencies.)