Kazakhstan will reduce exports of CPC Blend crude oil via the Russian Black Sea port in June due to maintenance work at the Kashagan oil field. Shipment volumes will fall to 1.3–1.4 million barrels per day, compared with the near-record 1.7 million barrels per day planned for May.
WHY SUPPLIES WILL FALL
According to Bloomberg, citing sources familiar with the supply plan, the reduction is due to maintenance at the Kashagan field — the second largest oil field in Kazakhstan. The work is reported to last from the end of May until the end of June.
The matter concerns supplies of CPC Blend crude, which is transported via the Caspian Pipeline Consortium (CPC) system to the Russian coast of the Black Sea.
The press services of the CPC and the Ministry of Energy did not comment on the situation.
HOW THIS RELATES TO THE GLOBAL MARKET SITUATION
The drop in exports comes amid disruptions to oil supplies to the European market from countries in the Persian Gulf. It is noted that European oil refineries have already faced supply constraints due to the situation surrounding Iran and a reduction in shipping volumes through the Strait of Hormuz.
Against this backdrop, jet fuel prices have risen, and some European airlines have reduced the number of flights. The article notes that market participants fear complications during the summer tourist season if tensions between the US and Iran persist.
WHAT ROLE KAZAKHSTAN PLAYS IN OIL SUPPLIES
Kazakhstan remains the second largest supplier of oil to Europe. Around 80% of Kazakhstan's oil exports are transported via the CPC system.
According to the publication's sources, over 90% of the oil in CPC Blend cargoes is Kazakh crude. The share of Russian oil in recent months has been around 100,000 barrels per day.
According to Bloomberg calculations, in 2025 the Kashagan project was producing around 390,000 barrels of oil per day.
CONTEXT
Earlier, Reuters reported that from 1 May, the transit of Kazakh oil to Germany via the northern branch of the Druzhba pipeline through Russia was halted. Later, Energy Minister Yerlan Akkenzhenov stated that the supply schedule for May included zero transit volumes along this route.
In light of the restrictions, the Ministry of Energy reported the redistribution of 260,000 tonnes of oil to alternative export routes. Of this, 100,000 tonnes were sent to the Ust-Luga port, and another 160,000 tonnes via the CPC system.