CPC Blend crude exports to rebound in May

CPC Blend crude exports to rebound in May

London, 13 April (Argus) — Exports of Capsian light sour CPC Blend crude are set to recover next month following disruption to this month's programme caused by storm damage at the grade's Black Sea loading terminal.

The preliminary May schedule puts exports at about 1.42mn b/d next month, up by 5pc from the revised April plan and closer to typical monthly levels.

The Tengizchevroil consortium, which operates Kazakhstan's Tengiz field, is set to raise CPC Blend loadings by 16pc on the month to almost 650,000 b/d in May. The consortium that operates the Karachaganak field is due to increase exports by 15pc to 230,000 b/d, and Russia's Litasco will lift its CPC Blend loadings by nearly 40pc to 129,000 b/d. Shareholders in the Kashagan field are scheduled to reduce exports by around a fifth to 336,000 b/d.

Two of the CPC terminal's three single point mooring (SPM) buoys were damaged in bad weather last month. Exports were briefly halted but have since resumed from one of the SPMs. The Caspian Pipeline Consortium (CPC) estimated on 28 March that the repairs could take at least 3-4 weeks. The CPC system is the main export route for Kazakhstan's crude.