CPC Blend Oil Loadings Rise to 1.67 Million bbl/d for February, Sources Say
(Reuters) — Black Sea CPC Blend oil exports were revised up to 1.67 million barrels per day (bbl/d) in February's program from 1.42 million bbl/d in a previous version due to higher supply from Kazakh oilfields, two sources familiar with the loading plan said.
Caspian Pipeline Consortium, a pipeline operator that ships CPC Blend oil from Kazakhstan to Russia's Black Sea terminal in Yuzhnaya Ozereyevka, said earlier this week CPC pipeline capacity was down after a drone attack on its pumping station.
CPC Blend oil loadings from CPC terminal in February will amount to about 6 million metric tons of 1.67 million bbl/d, 18% higher than in previous plan, the sources said and Reuters calculations showed.
The sources added the latest version of the loading plan was recently confirmed with no cancellations and restrictions for Kazakh oil producers to supply oil to the CPC system.
"It's very likely they reach 6 million tons this month," one of the sources said.
Kazakhstan oil output was estimated at a record high earlier this week.
The sources added that additional oil loadings come mostly from the Chevron-led Tengizchevroil that has recently announced an output hike after a planned maintenance late in 2024 - early in 2025.
It was not immediately clear if CPC pipeline can preserve a stable flow in March and allow Kazakh oil producers to continue high exports, the sources said.
CPC pipeline declined to comment on its operational activities and export plans.
CPC pipeline ships more than 1% of daily global supply, stretches over 1,500 km (939 miles) and carries crude from Kazakhstan's vast Tengiz oilfield on the northeastern shores of the Caspian Sea as well as from Russian producers.
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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