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Update: Market Chatter: Chevron's Tengiz Oilfield Output Drops After Accident

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(Updates with Chevron's statement in the fourth and fifth paragraphs, adds details on Tengizchevroil in the last paragraph)

Chevron's (CVX) oil production at its Tengiz field in Kazakhstan dropped significantly on Tuesday after an accident, Reuters reported Friday, citing industry sources.

Output fell to between 5,000 and 10,000 metric tons on Tuesday from typically 125,000 tons a day, according to the report.

Production climbed to around 82,000 metric tons on Wednesday and is expected to be restored gradually within about a week, Reuters said.

"On May 28, 2026, Tengizchevroil (TCO) experienced a minor operational disruption at one of its facilities. TCO production is under restoration at present," Chevron toldin an emailed statement.

"Beyond this, TCO does not comment on specific details of its operations and commercial matters," they added.

Tengizchevroil is a joint venture between Chevron, ExxonMobil (XOM), KazMunayGas, and Lukoil.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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