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Energy Minister: Kazakhstan crude production restored after CPC interruption

Energy Minister Yerlan AKkenzhenov announced on Tuesday that Kazakhstan's crude oil production had been restored - following a disruption in loading at the CPC pipeline in _December and January.

Akkenzhenov, speaking on the sidelines of the Conference, said that the country was "very dependent" on the CPC Pipeline and it was important to keep it away from sanctions and attacks.

Tengiz, the oilfield that accounts for 40% of Kazakhstan's production, was unable to produce crude oil due to power outages and Ukrainian drone attacks.

The minister stated that Kazakhstan now produces 1.7 million barrels of crude oil per day, plus 400,000 barrels a day of natural gas liquids and condensate. He said that Kazakhstan stands to gain from the rising prices due to the conflict in Iran, as 52% its budget is derived from oil revenue. Companies operating there could also invest more money to increase production.

Akkenzhenov, a member of OPEC+, said that the country had started drilling deep wells. Four or five are currently underway.

Akkenzhenov replied that "we have not had any meetings with OPEC+" when asked if the 'producer group, and its 'allies, could release more barrels amidst the Iran War which has tightened the physical oil market. (Reporting and editing by Nathan Crooks, Ni Williams, and Georgina McCartney in Houston)

(source: Reuters)