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OIL: CPC Blend Shipments Jumped In February

OIL
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Shipments of Caspian CPC Blend crude from Russia’s Black Sea port of Novorossiysk jumped in February to the highest in at least four years, Bloomberg reports. 

  • 6.05m tons of CPC Blend were lifted in February, equivalent to 1.71m b/d, the most since at least October 2018 when Bloomberg began compiling the data, and well up on 1.34m b/d in January. 
  • The surge in exports comes after Chevron completed an expansion at the Tengiz field. Tengiz output reached 904k b/d in February, from 640k b/d in January, according to Reuters. 
  • Asia purchased 1.7m tons of CPC Blend, or 484k b/d, the most since April 2023, compared with 616k tons in January.
  • Of that, China bought 925.5k tons, the most since 2018, after skipping imports for eight months in a row.
  • South Korea bought 135k tons, the first purchase in seven months.
  • India took 260k tons, down from 486k tons in January.  
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Shipments of Caspian CPC Blend crude from Russia’s Black Sea port of Novorossiysk jumped in February to the highest in at least four years, Bloomberg reports. 

  • 6.05m tons of CPC Blend were lifted in February, equivalent to 1.71m b/d, the most since at least October 2018 when Bloomberg began compiling the data, and well up on 1.34m b/d in January. 
  • The surge in exports comes after Chevron completed an expansion at the Tengiz field. Tengiz output reached 904k b/d in February, from 640k b/d in January, according to Reuters. 
  • Asia purchased 1.7m tons of CPC Blend, or 484k b/d, the most since April 2023, compared with 616k tons in January.
  • Of that, China bought 925.5k tons, the most since 2018, after skipping imports for eight months in a row.
  • South Korea bought 135k tons, the first purchase in seven months.
  • India took 260k tons, down from 486k tons in January.