CPC Blend Oil Loadings Rise 24% in February via Black Sea Terminal
(Reuters) — CPC Blend oil loadings from the Caspian Pipeline Consortium (CPC) Black Sea terminal rose by some 24% in February from January to 1.68 million barrels per day (bpd), Reuters calculations showed.
Total loadings from the terminal near Russia's port of Novorossiisk rose to 5.930 million metric tons from 5.316 million, two industry sources said.
Kazakh crude exports via the CPC pipeline rose to
5.340 million tons from 4.699 million, while Russia's exports via the route fell to 0.591 million tons from 0.617 million, the sources added.
Higher supply via the CPC pipeline reflected rising oil production. Kazakhstan's daily oil output has hit an all-time record in 2025 after expansion at its Tengiz oilfield.
Kazakhstan's biggest oil producer, Chevron-led Tengizchevroil (TCO), has completed maintenance at the Tengiz oilfield in mid-January and is speeding up its expansion.
The field saw production increase to 904,000 bpd last month from 640,000 bpd in January following completion of maintenance and due to the expansion program.
The Caspian pipeline, which carries more than 1% of daily global supply, stretches more than 1,500 km (939 miles) and is a main route for Kazakhstan's oil exports.
Shareholders in the CPC include U.S. firms Chevron and Exxon Mobil as well as the Russian state, Russian firm Lukoil, and Kazakh state company KazMunayGas.
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