Caspian Pipeline Consortium Says Oil Supplies Significantly Down
(Reuters) — Caspian Pipeline Consortium (CPC), which connects Kazakh oil fields with the Russian Black Sea port of Novorossiisk, said on Wednesday that supplies were significantly down, without providing figures.
CPC, which handles about 1% of global oil, said the oil offtake was reduced from the Kazakh Tengiz field due to maintenance there, while supply volumes from another Kazakh field, Kashagan, were also down as production was suspended there.
Kazakhstan's Tengizchevroil, a Chevron-led consortium, has scheduled maintenance on its giant Tengiz oilfield this month and next, it has said, but it was not immediately clear that this had caused the production suspension at the Kashagan field.
"These factors led to a significant decrease in the total volume of oil pumped through the Tengiz-Novorossiysk pipeline system," CPC said, without providing current volumes or elaborating on Kashagan.
The North Caspian Operating Co which runs the Kashagan field did not immediately reply to a Reuters request for comment.
Kazakhstan is the second-biggest oil producer among the ex-Soviet countries after Russia, pumping around 1.5 million barrels of oil per day, and both countries are members of the OPEC+ group to coordinate oil production.
The Organization of the Petroleum Exporting Countries and its allies, led by Russia, a group known as OPEC+, agreed to slightly increase output next month at its meeting on Wednesday.
Last month, a Russian court told CPC to suspend activity for 30 days — a ruling which was later overturned — but which forced Kazakhstan, a close Russia ally, to think of diversifying its oil supply routes which currently cross into Russia and China.
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