Caspian Pipeline Consortium Lowers 2024 Oil Export Forecast Again

The Caspian Pipeline Consortium (CPC), which exports Kazakhstan's oil via the Black Sea, was seen pumping 64.4 million metric tons of oil in 2024 in a latest estimate, further downgrading its exporting prospects, according to a shareholder.

(Reuters) — The Caspian Pipeline Consortium (CPC), which exports Kazakhstan's oil via the Black Sea, was seen pumping 64.4 million metric tons of oil in 2024 in a latest estimate, further downgrading its exporting prospects, according to a shareholder.

It had initially planned to export more than 70 million tons (1.5 million barrels per day) of oil in 2024, up from a record high of 63.5 million tons in 2023.

However, the consortium said in May it expected its oil exports to fall 7% short of a preliminary target owing to lower loadings from Tengiz, a key field. The plans might have assumed the export of 65.2 million tons.

Speaking to a December issue of an in-house magazine, Vladimir Kalanda, a vice-president of Russian oil pipeline operator Transneft, said CPC's plans for 2024 called for 64.4 million tons of oil export, up almost a million tons from 2023.

The main CPC shareholders are Transneft (24%), Kazakhstan's KazMunayGas KMGZ.KZ (19%), Chevron Caspian Pipeline Consortium Company CVX.N (15%), Lukarco B.V (12.5%), Mobil Caspian Pipeline Company (7.5%), CPC Company (7%) and Rosneft-Shell Caspian Ventures Limited (7.5%).