A shareholder of the Caspian Pipeline Consortium CPC, which exports Kazakhstan's oil via the Black Sea, estimates that the firm pumped 64.4 million metric tons of oil in 2024, well below its target to export more than 70 million tons
A shareholder of the Caspian Pipeline Consortium CPC , which exports Kazakhstan 's oil via the Black Sea , estimates that the firm pumped 64.4 million metric tons of oil in 2024, well below its target to export more than 70 million tons 1.5 million barrels per day. Back in May, the consortium announced that it expects its oil exports to fall 7% short of a preliminary target owing to lower loadings from Tengiz, working out to 65.2 million tons.
Earlier in the year, Russia, Iraq and Kazakhstan submitted their compensation plans to the OPEC Secretariat for overproduced crude volumes for the first six months of 2024. According to OPEC, the entire over-produced volumes will be fully compensated for over the next 15 months through September 2025, with Russia ‘paying back’ a cumulative 480 kb/d, Iraq 1,184 kb/d and Kazakhstan 620 kb/d.
Black Sea Oil Oil Exports CPC Russia Sanctions OPEC
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