Caspian CPC Crude Exports to Fall 2% in June, Final Plan ShowsSherry Su
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 June by 2 percent from May, a final loading program obtained by Bloomberg News showed.
The group, known as CPC, will ship 2.699 million metric tons, compared with 2.845 million tons in May, according to the schedule. That’s equal to 699,041 barrels a day, down from 713,085 barrels last month.
This compares with 2.67 million tons in the preliminary schedule released on May 14.
The final program comprises nine cargoes of 134,000 to 135,500 tons each and 17 consignments of 85,000 to 93,000 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.