It’s been a tense week for the oil sector, with Kazakhstan’s Tengiz oil field disrupted by protests over a spike in LPG prices.
Tengiz has a nameplate capacity of 600,000 b/d, which is expected to reach 850,000 b/d from around 2024, but Argus reports that the Chevron-led Tengizchevroil (TCO) consortium is gradually restoring production after it was forced to reduce output by an ‘unspecified amount’.
“Public unrest in Kazakhstan provides just the latest example of the political sensitivity of fuel prices, a dynamic which provides a tailwind to oil demand and influences energy policies throughout the world,” S&P chief geopolitical advisor Paul Sheldon said.
It boils down to the company’s geographic position near Asian markets and its resources – it has gas reserves of more than 2 trillion cubic metres and accounts for around 40% of the world’s uranium supply.A new government is expected to be appointed soon – which might […]
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