Black Sea CPC Blend oil exports revised up 17% for June vs preliminary plan to 1.7 million bpd, sources say

شيفرون

Chevron Corporation

CVX

0.00

- The Caspian Pipeline Consortium (CPC) plans to export about 1.7 million barrels per day (bpd) of CPC Blend crude in June, up from around 1.45 million bpd initially expected, three trading sources said.

Maintenance at Kazakhstan’s Kashagan oilfield has been postponed and production at the country's Tengiz field has been restored after a technical issue in May , resulting in the higher production forecast, they said.

June loadings were revised up by 17% from the initial plan. The May loading plan was set to hit a multi-month high, according to Reuters calculations, at 1.8 million bpd. It was not clear if the May plan had been completed in full.

CPC does not comment on operational shipment data.

Maintenance at the Kashagan field, which has a capacity of about 0.4 million bpd, was planned for June but has been postponed to 2027.

Oil production at the Chevron CVX.N-led Tengiz field, Kazakhstan's largest, fell sharply at the end of May as a result of an accident.

CPC blend oil sales have been favourable for exporters due to firm outright prices and good demand in Europe, encouraging them to export more.

CPC shareholders include Russia with 31%, Kazakhstan with 20.75%, U.S. major Chevron with 15%, and several private companies.