Caspian Pipeline Consortium (CPC) Blend oil exports are scheduled at 1.5 million barrels per day (bpd) for September, maintaining levels seen in August.
Exports remain constrained by maintenance at Kazakhstan’s Karachaganak oilfield, which has limited output since mid-August. Traders noted that while the September allocation matches the lower end of August’s 1.5-1.6 million bpd range, actual loadings could still face delays due to weather and ongoing drone attacks in the Black Sea.
The CPC pipeline transports crude from Kazakhstan to the Novorossiysk terminal on Russia’s Black Sea coast, a route accounting for roughly 2% of global oil supply. Shipowners have increasingly favored the CPC terminal over the nearby Sheskharis terminal following Ukraine’s pledge to refrain from targeting non-Russian vessels departing Black Sea ports.
Security risks in the region have pushed freight rates for oil shipments to record highs, with most operators declining to load oil from Russian Black Sea ports. The CPC pipeline’s reliability has made it a preferred route despite broader geopolitical tensions.
