Black Sea CPC Blend daily oil exports set to drop 2% in November from October, sources say
USO•Caspian Pipeline Consortium plans to cut November oil exports by 2% from October to about 6.4 million metric tons, or 1.69 million barrels per day, two industry sources said.
1. November loading plan
Caspian Pipeline Consortium plans to cut oil exports by 2% in November from October to about 6.4 million metric tons, or 1.69 million barrels per day, two industry sources said. The loading plan points to broadly stable exports after oil output recovered and disruptions from attacks on tankers eased, the sources said.
2. Shipping and production
Traders said record Black Sea freight rates and heightened security risks have made CPC Blend exports challenging by raising shipping costs. Exports through the CPC system fell to 1.5 million barrels per day in September from 1.6 million in August after scheduled maintenance at the Karachaganak field; traders expected output there to rise in October and support higher loadings.
3. Pipeline background
CPC said it shipped almost 50 million tons of oil through its Black Sea terminal between January 1 and September 25, down 4 million tons from the same period in 2025. Shipments were affected by Ukrainian drone attacks on the terminal and tankers earlier in the year. More than 80% of Kazakhstan's oil exports move through the CPC pipeline.
