The Caspian Pipeline Consortium, which operates the only crude export pipe in Russia with foreign shareholders, will cut daily oil exports for May from the Black Sea by 6 percent from this month, according to a preliminary loading program obtained by Bloomberg News.
The group, known as CPC, will ship 23 cargoes totaling 2.419 million metric tons in May, the schedule showed. That’s equivalent to 18.8 million barrels, or 606,311 barrels a day, compared with 645,221 barrels for April.
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 the terminal close to Russia’s Novorossiysk port on the Black Sea. Russia owns 31 percent while Kazakhstan owns 20.75 percent. Exxon Mobil Corp., OAO Lukoil and a joint venture between OAO Rosneft and Royal Dutch Shell Plc are among 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.