OIL: CPC Exports Fall to Nine-Month Low

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.