CPC revises its oil export forecast for 2024 downward


Caspian Pipeline Consortium (CPC), which exports Kazakhstani oil to the Black Sea coast of Russia in Novorossiysk for further shipment to world markets, has reduced its forecast for oil transportation in 2024 by 7%, Report informs citing the consortium.

"According to the updated forecast, a 7% decrease in the volume of oil transportation through the CPC system is expected in 2024, compared to the indicators laid down in the budget, based on preliminary applications from shippers," the information says.

According to the CPC data, oil shipment via CPC from the Tengiz field is expected to decline by 7.9 million tons this year, while from the Kashagan field it is expected to increase by 3.3 million tons.

"The total deviation from the planned transportation volumes via CPC will amount to 4.8 million tons," the information says.

The initial plan for 2024 assumed transportation of more than 70 million tons of oil via CPC. Thus, the updated forecast assumes exports of about 65.2 million tons.

According to the consortium, from January 1 to May 24, 2024, a total of 244 tankers were loaded at the marine terminal (+5 vessels compared to 2023), and 26.7 million tons of oil were exported, compared to 25.92 million tons for the same period in 2023, respectively.

In 2023, CPC ensured transportation and shipment for export of 63.47 million tons of oil (an increase of 8.1%).