Kazakh Oil Exports Via Key Pipeline Hit Lowest Level in Seven Years

Kazakhstan's oil exports through the Caspian Pipeline Consortium (CPC) system plummeted in January, hitting their lowest level in over seven years.

The daily pumping volume fell by approximately 440,000 barrels. Efforts to redirect crude flows via alternative routes proved insufficient, covering only about 6% of the total shortfall.

Major disruptions to the CPC system began after a drone attack on the consortium's marine terminal in November. The situation was further complicated by subsequent drone strikes on tankers intended to load oil from the Tengiz and Karachaganak fields.

The inability to compensate for the loss of this key export corridor directly impacted production. In January, the country's output of oil and gas condensate fell by 35% to 5.25 million tonnes, compared to 8.1 million tonnes in November.

The reduction in Kazakh supplies has created a shortage of specific crude grades on European markets. This deficit has driven up prices for oil from other regions, including the United States and Azerbaijan.