MNI BRIEF: Fed Review Must Incorporate Many Scenarios - Kugler

MNI BRIEF: Fed's Kugler Says Makes Sense To Hold For Some Time

MNI BRIEF: Job On Inflation Not Done, Care Needed - BOE Pill

MNI BRIEF: Mexico Inflation Down To 3.59% In January

MNI BRIEF: Tariffs Force CBRT To Hike 2025 Inflation Forecast

MNI China Daily Summary: Friday, February 7

MNI: US DEC CONSUMER CREDIT +$40.8B

MNI: BAKER HUGHES US RIG COUNT 586; OIL RIGS 480; GAS RIGS 100

BAKER HUGHES CANADA RIG COUNT 249; OIL RIGS 177; GAS RIGS 72

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

GERMANY: Kukies Considers Potential Non-Implementation Of 2024 Suppl' Budget

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

OIL: Kazakhstan's Tengiz Ramp Up Faster than Expected

OIL
Energy BulletsBulletAPACCommodities

The ramp up of Kazakhstan's Tengiz oilfield is accelerating with expansion likely to be complete by the end of February, according to a Reuters source familiar with the plans.

  • This would be four months earlier than expected compared to previous expectation to reach full capacity of 260kb/d by June.
  • Tengiz oil production has already risen from an average of 606kb/d in 2024 to 900kbpd, a Reuters source said.
  • Kazakhstan's Tengizchevroil initiated oil production at its new third-generation plant at the Tengiz oilfield in January.
  • The faster than expected expansion could complicate Kazakhstan compliance with agreed OPEC+ quotas.
  • Kazakhstan reaffirmed its commitment to OPEC+ oil production obligations at the JMMC meeting on Feb. 3, saying it will take the necessary measures in 2025 and 2026 to compensate for overproduction in 2024.
125 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

The ramp up of Kazakhstan's Tengiz oilfield is accelerating with expansion likely to be complete by the end of February, according to a Reuters source familiar with the plans.

  • This would be four months earlier than expected compared to previous expectation to reach full capacity of 260kb/d by June.
  • Tengiz oil production has already risen from an average of 606kb/d in 2024 to 900kbpd, a Reuters source said.
  • Kazakhstan's Tengizchevroil initiated oil production at its new third-generation plant at the Tengiz oilfield in January.
  • The faster than expected expansion could complicate Kazakhstan compliance with agreed OPEC+ quotas.
  • Kazakhstan reaffirmed its commitment to OPEC+ oil production obligations at the JMMC meeting on Feb. 3, saying it will take the necessary measures in 2025 and 2026 to compensate for overproduction in 2024.