CPC increased oil exports by 22% in August after fewer attacks on tankers, sources say

MOSCOW, Sept 14 : Caspian Pipeline Consortium (CPC) increased its oil exports in August by 22 per cent from the previous month to 6.288 million metric tons, or 1.6 million barrels per day (bpd), as loadings stabilised amid lower attacks on tankers, two industry sources told Reuters.

In July CPC Blend oil loadings had fallen to 5.172 million tons, or 1.32 million bpd, as a flurry of attacks on tankers in the Black Sea led the terminal to suspend loadings and most shipowners to skip requests for sailings to Russian ports.

Exports of Kazakh oil via the CPC system rose to 5.7 million tons in August from 4.6 million tons in July, up 25 per cent on a daily basis, while shipments of Russian crude fell 4 per cent to 550,000 tons from 570,000 tons, according to one of the sources.

CPC does not comment on its commercial operations.

Total oil loadings at CPC's Black Sea terminal fell to 44.8 million tons in January-August, from 48.9 million tons in the same period a year earlier, a decline of about 8 per cent.

The consortium is expected to reduce exports in September to about 1.5 million bpd due to maintenance work at Kazakhstan's Karachaganak oil and gas condensate field.

CPC, which mainly exports Kazakh crude, repeatedly suspended oil flows in July after drone attacks on tankers near its Black Sea terminal at Yuzhnaya Ozereyevka, near Novorossiisk.

More than 80 per cent of Kazakhstan's oil exports are shipped through the CPC pipeline. Most of the crude comes from the giant Tengiz, Kashagan and Karachaganak fields.

CPC shareholders include Russia with a 31 per cent stake, Kazakhstan with 20.75 per cent, Chevron with 15 per cent, and a number of private companies.