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OIL: CPC Exports Fall to Nine-Month Low

OIL
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Loadings of CPC from the terminal near Russia’s Black Sea port of Novorossiysk fell to a nine-month low in August due to planned maintenance at the Tengiz field, Bloomberg said.

  • 4.98m mt of CPC loaded in August, equivalent to around 1.27m b/d. This is the lowest since November.
  • Tengizchevroil, Kazakhstan’s largest oil producer, performed additional scheduled maintenance at the Tengiz in August, following earlier work in May, Bloomberg said.
  • Asia plans to take only 264k mt of the CPC blend loaded in August, all of which is headed to India. This is a near four-year low for Asian CPC buying.
  • The arbitrage to Asia was mostly closed over the past two months due to elevated CPC prices.
  • The Mediterranean will receive 3.35m mt of CPC loaded in August, up from 3.22m mt of July’s exports.
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Loadings of CPC from the terminal near Russia’s Black Sea port of Novorossiysk fell to a nine-month low in August due to planned maintenance at the Tengiz field, Bloomberg said.

  • 4.98m mt of CPC loaded in August, equivalent to around 1.27m b/d. This is the lowest since November.
  • Tengizchevroil, Kazakhstan’s largest oil producer, performed additional scheduled maintenance at the Tengiz in August, following earlier work in May, Bloomberg said.
  • Asia plans to take only 264k mt of the CPC blend loaded in August, all of which is headed to India. This is a near four-year low for Asian CPC buying.
  • The arbitrage to Asia was mostly closed over the past two months due to elevated CPC prices.
  • The Mediterranean will receive 3.35m mt of CPC loaded in August, up from 3.22m mt of July’s exports.