Oil export of Kazakhstan via CPC will reduce in May — Reuters

According to recent Reuters reports, the volume of oil export from Kazakhstan via the Caspian Pipeline Consortium (CPC) is likely to decline considerably in May. Daily crude shipments from Russian Black Sea port of Novorossiysk are expected to drop to 1.5 million barrels per day (bpd) from 1.6 million bpd last month.

Since April 1, the export of CPC blend crude was limited to 1 million bpd after Russian authorities ordered the closure of two of the three berths at the Novorossiysk terminal. This limitation deprived the market of about 700,000 bpd. According to Oilprice, the decision was influenced by inspections related to the oil spill in December last year.

Also, due to the recent difficulties in meeting OPEC+ quotas, the government of Kazakhstan decided to sign an agreement with the UAE worth more than $5 billion. The partnership is aimed at expanding the country's cooperation with the Middle Eastern state in the field of “green” energy.