Oil output at Kazakhstan’s giant Tengiz oilfield, operated by Chevron-led Tengizchevroil, declined by nearly 17% in August from July to 529,280 barrels per day (bpd), two sources familiar with the said on Monday.

Tengizchevroil started a scheduled maintenance on Tengiz field last month resulting in an output decline. The sources said that the maintenance is going on and will end on September 10.

Tengizchevroil did not respond to a request for comment.

The Caspian Pipeline Consortium cut CPC Blend oil BFO-CPC exports in August to 4.9 million metric tons in August due to the maintenance. In September CPC oil exports are expected to remain lower than normal – at around 4.9 million tons – due to ongoing maintenance.

Oil output at Tengiz is planned at 583,733 bpd in September, one of the sources said.

Prices for Caspian oil grades have soared in the Mediterranean market this week, as traders look for alternatives in an increasingly tight market following the suspension of oil production in Libya, five traders told Reuters last week.
Source: Reuters (Reporting by Reuters, Editing by Louise Heavens)