CPC Oil Exports Reach Record High of 1.83 Million bpd in May

The Caspian Pipeline Consortium's (CPC) oil loadings hit a record high 7.187 million metric tons in May, or about 1.83 million barrels per day (bpd), due to higher output at Kazakhstan's giant Tengiz oilfield after temporary maintenance work, two industry sources said.

Oil output at the Tengiz field fell for several days at the end of May due to a malfunctioning transformer issue, but was then restored.

On a daily basis CPC Blend oil loadings rose 10% in May from April, Reuters calculations showed. Loadings in April totalled 6.314 million tons, or 1.67 million bpd.

Kazakh crude loadings through the CPC system rose to 6.27 million tons in May from 5.45 million tons in April, one of the sources said.

Russian crude volumes shipped via CPC also increased, rising to 0.92 million tons from 0.86 million tons in April.

CPC does not comment on commercial operations.

CPC has also revised up its June export plan for CPC Blend crude to 1.7 million bpd, or around 6.5 million tons for the month, from 1.45 million bpd in the previous version of the schedule, according to the sources.

The revision followed the postponement of maintenance at the Kashagan oilfield to 2027 and a recovery in production at Tengiz, they said.

Kazakhstan stopped oil exports to Germany from May 1, redirecting the freed-up volumes to the CPC route.

CPC expects to increase oil shipments to 72 million tons in 2026 from 70.5 million tons in 2025.

The CPC pipeline carries more than 80% of Kazakhstan's oil exports, mainly from the large Caspian fields of Tengiz, Kashagan and Karachaganak. The crude is loaded onto tankers at the consortium's terminal at Yuzhnaya Ozereyevka near Novorossiysk on Russia's Black Sea coast.

CPC shareholders include Russia with a 31% stake, Kazakhstan with 20.75%, Chevron with 15%, and several private companies.

(Reuters)