Kazakh CPC Oil Exports to Drop as Europe Faces Tight Supplies

Kazakhstan will cut crude exports from a key Russian Black Sea port next month at a time when European refineries are already grappling with an unprecedented supply disruption from the Middle East.

Maintenance at the Kashagan oil field means that loadings of CPC Blend, which include a small fraction of Russian-origin crude, are set to fall to 1.3 million-1.4 million barrels a day in June, people with knowledge of the plan said, asking not to be named as they are not authorized to comment publicly. That compares with a near-record 1.7 million barrels a day planned for May.