Crude production from Kazakhstan’s highest-producing oil field, Tengiz, dropped 12% on the year in the second quarter to 570,000 b/d, figures from the Chevron-led operating consortium showed Sept. 9, reflecting the country’s adherence to OPEC+ production cuts. Now Tengiz produced almost 100,000 b/d less in Q2 than it did in Q1, the update statement showed, as OPEC+ production cuts kicked in in May, with Kazakhstan tightening its adherence in June. In production since 1993, Tengiz is the largest source of crude oil for Kazakhstan’s CPC production stream, which is shipped to world markets from Novorossiisk on the Black Sea. Kazakhstan has complied more closely with the current OPEC+ agreement aimed at stabilizing markets in the wake […]