CPC pipeline outage forces Kazakhstan to cut oil output by a fifth

CPC pipeline outage forces Kazakhstan to cut oil output by a fifth

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NUR-SULTAN- 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 Tuesday, 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 barrels per day, 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.

OPEC+, a global group of OPEC and non-OPEC producers, has come under increasing pressure to pump more crude since Russia, the largest producer in the group, invaded Ukraine on Feb. 24, and Western nations enacted sanctions in response that have curtailed Russian oil exports.

The Kazakh cuts are likely to be made at the expense of giant oilfields operated by Western oil majors such as the Chevron-led Tengiz, which has said it is already pumping below capacity due to the CPC limitations.

In an incident highlighting the Central Asian nation's