Kazakhstan says the super-giant Tengiz oil field is operating near full capacity

Kazakhstan's Minister of Energy stated on Friday that oil production at the country's largest oil field, Tengiz, has almost returned to full capacity. The field, led by Chevron, experienced a production decline at the end of January due to a power outage, which temporarily affected Kazakhstan's oil exports and pushed up global oil prices. The minister told reporters that production has essentially reached full capacity, though some adjustments are still underway. He also mentioned that Kazakhstan's oil exports this year are expected to be on par with 2025 levels, and there have been no issues with the export route via the Caspian Pipeline Consortium to the Black Sea. Two industry sources revealed on Wednesday that due to adverse weather and drone alerts at the CPC Black Sea marine terminal, Tengiz's production recovery has been slower than planned. As of February 24, the field's output had increased to 790,000 barrels per day, but this remains below the previously planned 950,000 barrels per day, 17% lower than forecasts.