Caspian CPC Crude Exports to Decline 1.2% in July, Plan Shows

The Caspian Pipeline Consortium, which operates the only oil export link in Russia with foreign shareholders, will reduce daily crude exports from the Black Sea in July by 1.2 percent from June, a provisional loading program obtained by Bloomberg News showed.

The group, known as CPC, will ship 2.757 million metric tons, compared with 2.699 million tons in June, according to the schedule. That’s equal to 691,029 barrels a day, down from 699,041 barrels this month.

The program comprises seven cargoes of 134,000 to 135,500 tons each and 21 consignments of 85,000 to 93,500 tons.

The CPC pipeline, in which Chevron Corp. is the biggest corporate shareholder with a 15 percent stake, carries crude from Kazakhstan’s western fields to a terminal near Russia’s Novorossiysk port on the Black Sea. Russia owns 31 percent and Kazakhstan 20.75 percent. Exxon Mobil Corp., OAO Lukoil and a joint venture between OAO Rosneft and Royal Dutch Shell Plc are among the other shareholders.

Loading programs are monthly schedules of crude shipments compiled by field operators to allow buyers and sellers to plan their supply and trading activities.

To contact the reporter on this story: Sherry Su in London at lsu23@bloomberg.net

To contact the editor responsible for this story: Raj Rajendran at rrajendran4@bloomberg.net

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