The Caspian Pipeline Consortium (CPC), which exports Kazakhstan’s oil via the Black Sea, reduced oil supplies in January – October by around 1.2% year on year to 1.378 million barrels per day, two industry sources said on Wednesday.

In October alone, CPC exports declined to 4.632 million metric tons from 4.682 million tons in September amid maintenance at the Kashagan oilfield, according to the sources.

The consortium does not comment on its operational activities. It plans to boost CPC Blend oil exports in November to 5.4 million tons.

CPC said in May it expected its oil exports to fall 7% short of a preliminary target this year owing to lower loadings from Tengiz oilfield.

The main CPC shareholders are Russian oil pipeline monopoly Transneft TRNF_p.MM (24%), Kazakhstan’s KazMunayGas KMGZ.KZ (19%), Chevron Caspian Pipeline Consortium Company CVX.N (15%), Lukarco B.V LKOH.MM (12.5%), Mobil Caspian Pipeline Company XOM.N (7.5%), CPC Company (7%) and Rosneft-Shell Caspian Ventures Limited ROSN.MM, SHEL.L (7.5%).
Source: Reuters (Reporting by Reuters, Editing by Louise Heavens)