Kazakh-Russian CPC Oil Exports via Black Sea Trimmed for April
(Reuters) — Black Sea CPC Blend oil exports for April were revised down to 1.6 million barrels per day, or 6.2 million metric tons, from 1.7 million bpd in the preliminary plan, two sources said on Monday.
Caspian Pipeline Consortium, which exports Kazakhstan and Russia's oil from the Black Sea, said last week it had halted operations at two of its terminal's three mooring points. A Russian court ruled to fine the consortium but not to halt loading from those two mooring points.
The decision averted a potential fall in Kazakhstan's oil production and supplies via the CPC, which accounts for around 80% of the country's oil exports.
The revised loading plan has 5.8 million tons of Kazakhstan's oil set for loading this month, unchanged from the initial plan, the sources said. The sources asked not to be identified as they are not authorized to speak to media.
As of Monday, loading continued from only one of three mooring points, the sources said.
The decline in loading is due to a fall in Russian oil exports via CPC, the sources said, as there will be no supplies from the oil depot in Krasnodar region, where there was a large fire in March after a drone attack.
Russian oil supply to CPC will come only from Lukoil's Caspian oilfields, the sources said. They added the CPC Blend oil loading plan for April might be revised again before the month's end, depending on output from large Kazakh oilfields, especially Tengiz.
A CPC pipeline spokesperson declined to comment.
Shareholders in the CPC include U.S. majors Chevron and Exxon Mobil, as well as the Russian state, Russian firm Lukoil, and Kazakh state company KazMunayGas.
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