Caspian Pipeline Outage Forces Kazakhstan to Cut Oil Output by a Fifth

Kazakhstan, a former Soviet republic, will have to cut its oil output by 20% until repairs are done to fully restore capacity of the Caspian Pipeline Consortium’s  Black Sea terminal, the ministry said in a statement.

Reuters

Kazakhstan is set to lose at least a fifth of its oil production for a month after storm damage to export facilities, the energy ministry said on March 29, adding to concerns about global oil supplies and boosting crude prices.

The former Soviet republic will have to cut its oil output by 320,000 bbl/d, or 20%, until repairs are done to fully restore capacity of the Caspian Pipeline Consortium’s (CPC) Black Sea terminal, the ministry said in a statement.

Global supply outages and the war in Ukraine have pushed oil prices to near all-time highs as major producers struggle with capacity constraints. Brent crude futures were up 0.4% to $112.96 at 1255 GMT.

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