September 28, 2022 08:51 GMT
Black Sea and Caspian Crude supply is being increasingly hampered by falling loadings of Kazakh CPC Blend crude according to Vortexa figures.
- Total CPC Blend loadings so far this month (days 1-27) stand at just over 1mbd – the lowest since September 2016.
- The loading terminal has been disrupted on several occasions since the start of the Ukraine invasion, which has added a further downside element to global crude supplies.
- Chevron is working on rail transport measures to find another way to get Kazakh crude onto the international markets.
- The CPC Marine Terminal has been operating at around 50% capacity for most of September but part of the decline in loadings is also attributed to ongoing maintenance work at the Kashagan and Karachaganak oil fields. The combination of these factors means preliminary loading schedules for October show an expected 7% m-o-m drop in crude loadings according to Argus.
- Total Black/Caspian Sea loadings so far in September are largely flat m-o-m at 2.4mbd, well below the 2.9mbd peak seen in May.