Black Sea Oil Terminals Remain Closes Amid Storm

Oil loadings at the CPC oil terminal remain halted amid an ongoing storm alert, which also led to a decline in the country’s oil production, the terminal operator said, cited by Bloomberg.

• The CPC operator is awaiting a temporary weather improvement to load at least two cargoes, it said.
• Loadings are likely to be also still suspended at the Novorossiysk oil terminal, after a Bloomberg headline said: CPC Terminal: Storm alert still on for Novorossiysk port area.
• The November initial oil loading plan for Novorossiysk was set at 2.42mn tons with actual loadings likely to be around 1.5mn tons, traders told Reuters.
• Oil output at Kazakhstan’s largest fields has fallen since the halt due to reduced oil reception at the terminals.
• Kazakhstan’s oil production was at 184.6k tons on 28 November, down from 212.3k tons on 27 November, 214.5k tons on 26 November and 253.1k tons on 25 November, the Energy Ministry said.
• The Kazakh Energy ministry said on 29 November that Tengizchevroil may cut oil output to 40k tons on 28 November, from the usual 84k tons. Production is expected to fall to 30k tons on 29 Nov, to 25k tons on 1 Dec and to zero on 3 Dec if conditions do not change.
• Kashagan is reducing daily oil output to 34k tons on 28 November and to 19k tons on 29 Nov vs usual at 53k tons.
• Karachaganak is planning to reduce daily output to 32.2k tons on 28 November and to 27k tons on 29 November, from the usual 35k tons. Both Kashagan and Karachaganak will keep the reduced oil output levels through 3 December.
• The storm is likely to have disrupted up to 2mbpd of oil exports from Kazakhstan and Russia, state officials said, and port agent data showed.
• In Turkey, ship traffic at the Bosphorus strait remains halted, while traffic at the Dardanelle strait resumed, also due to weather conditions, the Directorate General of Coastal Safety said via X.