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Tengiz plans to return to peak production of 120k T per day by February 23rd, according to reports

The news regarding Tengiz's plans to return to peak production levels signifies a potential increase in supply, which could impact global oil prices in the short term.

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  • Tengiz oilfield had recovered to around 60% of peak production by February 8th.
  • Kazakhstan's overall crude and gas condensate output rose to 1.6mln BPD for February 1st-8th, from January average of 1.27mln BPD.
  • Tengiz oilfield's output was c. 70k Mt/day, or 550k BPD, on February 8th.
Context

With the oilfield already recovering to 60% of production capacity and Kazakhstan's overall crude output rising, this signals a bullish trend for supply dynamics, potentially easing upward pressure on prices, especially for WTI and Brent. Traders should monitor how this impacts market sentiment and the broader commodities landscape.

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