Kazakhstan is set to produce 1.638 million barrels per day (bpd) in May, up from 1.621 million bpd in April.

Azerbaijan is now set to produce 688,000 bpd in May, up from 682,000 bpd that is expected to be produced in April.

Growth is expected to decelerate to 1.7 percent in 2022, a downward revision of 2.5 percentage points relative to the forecast made in November 2021.

A storm in the Russian part of the Black Sea damaged the loading equipment of CPC, one of the world's largest oil pipelines that transports oil from Kazakhstan to world markets.