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OIL: CPC Pipeline Flows Very Likely To Reach Record In March

OIL
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Kazakhstan is set to boost oil shipments via Russia to what will almost certainly be a record in March, underscoring the challenges it faces in balancing rising output against commitments to OPEC+ to restrain output, Bloomberg reports. 

  • Flows via the CPC will rise by 12% in March from February, according to Kazakhstan’s energy ministry cited by Bloomberg.
  • Represents 1.7m b/d of exports through the CPC, compared with 1.5m b/d in February.
  • Kazakhstan is supposed to produce 1.468m b/d under its agreement with OPEC+.
  • The monthly figures suggest that a Ukrainian drone strike on an oil pumping station last month had no lasting, material supply impact.
  • “Tengizchevroil’s production and export of crude oil via the CPC pipeline remain uninterrupted,” a company spokesperson said yesterday, cited by Bloomberg. 
  • Higher Kazakh production and flows draw questions around its willingness towards compliance with OPEC+ targets, while it is on a compensation plan for prior overproduction.  
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Kazakhstan is set to boost oil shipments via Russia to what will almost certainly be a record in March, underscoring the challenges it faces in balancing rising output against commitments to OPEC+ to restrain output, Bloomberg reports. 

  • Flows via the CPC will rise by 12% in March from February, according to Kazakhstan’s energy ministry cited by Bloomberg.
  • Represents 1.7m b/d of exports through the CPC, compared with 1.5m b/d in February.
  • Kazakhstan is supposed to produce 1.468m b/d under its agreement with OPEC+.
  • The monthly figures suggest that a Ukrainian drone strike on an oil pumping station last month had no lasting, material supply impact.
  • “Tengizchevroil’s production and export of crude oil via the CPC pipeline remain uninterrupted,” a company spokesperson said yesterday, cited by Bloomberg. 
  • Higher Kazakh production and flows draw questions around its willingness towards compliance with OPEC+ targets, while it is on a compensation plan for prior overproduction.