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Kazakh CPC Oil Exports Capped at 700,000 bpd After Russian Suspension ...Middle East
Caspian Pipeline Consortium (CPC) blend oil exports have been capped at 1 million barrels per day, taking 700,000 bpd off the market, after Russia ordered the shutdown of two out of three moorings at the CPC main Black Sea oil export terminal. The order went into force on April 1. The Russian government has a 24% stake in CPC alongside minority shareholders Chevron and ExxonMobil. The closure of the SPM-1 and SPM-2 moorings followed safety inspections by Russia’s Federal Agency for Transport Supervision, triggered by the…
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