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CPC Blend oil loadings revised up to 1.67 mln bpd in February, sources say
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CPC Blend oil loadings revised up to 1.67 mln bpd in February, sources say
Feb 21, 2025 8:32 AM

MOSCOW, Feb 21 (Reuters) - Black Sea CPC Blend oil

exports were revised up to 1.67 million barrels per day (bpd) in

February's programme from 1.42 million bpd 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 bpd, 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 ( CVX )-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 ( CVX )

and Exxon Mobil ( XOM ), as well as the Russian state, Russian

firm Lukoil, and Kazakh state company KazMunayGas.

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