The Caspian Pipeline Consortium (CPC) plans to slightly reduce CPC Blend crude exports in January to around 1.65 million barrels per day (bpd) from 1.7 million bpd scheduled for December, two industry sources told Reuters.

The January plan would represent a 3% reduction from this month’s target, Reuters calculations showed.

Actual shipments remain uncertain as repairs continue on single-point mooring (SPM) units, the sources said. CPC is currently loading oil from only one of its three moorings – SPM-1 – while SPM-2 is out of service following a Ukrainian drone attack, and SPM-3 is undergoing scheduled maintenance.

That means CPC is working at roughly half capacity, the two people said.

As a result, December exports could fall well below the initial schedule, while January volumes could rise if SPM-3 returns to service, allowing roll-over cargoes to be shipped.

However, supplies from Russia’s Caspian oil fields may decline in January following recent Ukrainian drone attacks, traders said.

CPC declined to comment on operational shipment figures.

The drop in CPC throughput has prompted exporters to use alternative routes, including China and Germany, though these options are limited.

CPC handles more than 80% of Kazakhstan’s oil exports, linking the Tengiz field and other deposits to a marine terminal at Yuzhnaya Ozereevka near Novorossiysk. Its shareholders include Russia, with a 31% stake, Kazakhstan with 20.75%, Chevron CVX with 15%, and other firms.
Source: Reuters