MOSCOW, April 9 (Reuters) - The Caspian Pipeline
Consortium is operating at two of the three moorings at its
Black Sea export terminal after a Russian court lifted
restrictions on its infrastructure, it said on Wednesday, easing
worries about a drop in Kazakh oil output and exports.
The CPC usually utilizes two of its three moorings, keeping
one as a backup. It said it will give further information later
about a resumption of operations at its third mooring, Single
Point Mooring-2 (SPM-2).
A source close to the CPC said the restrictions on one of
the moorings still put a strain on its operations and exports.
The court ruled on Friday that the CPC's terminal facilities
should not be suspended, overturning a decision by the transport
watchdog to halt two of three moorings after a snap inspection
related to a massive fuel spill in December.
The resumption of loading from one of the moorings will help
avert a potential fall in Kazakhstan's oil production and
supplies via the CPC, which accounts for around 80% of the
country's oil exports.
Expected Black Sea CPC Blend oil exports for April were
still revised down to 1.6 million barrels per day, or 6.2
million metric tons, from 1.7 million bpd in the preliminary
plan, according to two industry sources.
The decline in loading is due to a fall in Russian oil
exports via the CPC, the sources said, as there will be no
supplies from the oil depot in the Krasnodar region, where there
was a large fire in March after a drone attack.
The CPC has been in the spotlight since the start of
Russia's war in Ukraine. The consortium closed all but one of
its mooring points several times in 2022 due to damage, severely
cutting exports via the route.
The pipeline is a major oil export route for Kazakhstan,
which - due mainly to rising production from the giant
Chevron ( CVX )-led Tengiz oilfield - has been breaching export quotas
within the OPEC+ producer group, which includes OPEC and Russia.
Other OPEC+ members, including Saudi Arabia, have also been
pressing Kazakhstan to cut production to meet its quotas.
On Thursday, OPEC+ decided to raise output ahead of
schedule, signalling the group was confident non-compliant
members would reduce output in the coming weeks.