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Bloomberg
Add Kazakhstan to the list of oil producers whose supply is restricted. The central Asian nation’s output slipped by about 240,000 barrels a day, data from the country’s Ministry of Energy show. The cause and duration of the dip aren’t known, but the country suffered a few supply outages earlier this year involving the giant Kashagan field in the Caspian Sea.
The reduced output comes at a time when several countries are pumping less. Venezuela’s economic crisis has brought with it a plunge in oil production, while fighting in Libya has cut flows through two key ports. Angola and Canada are also down, while US is pressuring buyers of Iranian crude to cut purchases from Persian Gulf country to zero with tanker tracking showing that the measures may already be working. “Disruption in Kazakhstan adds to a growing list of outages,†said Jan Edelmann, an analyst at HSH Nordbank AG.