Caspian CPC Crude Exports to Drop to Six-Month Low in SeptemberSherry Su
The Caspian Pipeline Consortium, operator of the only oil-export link in Russia that has shared foreign ownership, will cut daily September crude exports from the Black Sea to the lowest in six months, a final loading program obtained by Bloomberg News showed.
CPC will ship 2.57 million metric tons this month, compared with 2.87 million tons in August, according to the schedule. That’s equal to 664,724 barrels a day, the least since March and down 7.6 percent from last month.
The program comprises six cargoes of 134,000 to 135,500 tons each and 20 consignments of 85,000 to 93,500 tons, according to the document.
The volume in the final program is more than the 2.35 million tons, or 607,744 barrels a day, scheduled in the preliminary plan released on Aug. 12.
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 of the pipeline and Kazakhstan 21 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.