Caspian crude export terminal operating at full capacity

The Caspian Pipeline Consortium's (CPC) crude export terminal in the Black Sea is operating at full capacity for the first time since two of its three single point mooring (SPM) buoys were damaged in a storm a month ago.

The terminal, which is the main export route for Kazakhstan's crude, requires two SPMs in operation to function at full capacity, with the third buoy serving as an emergency spare. It had been operating with just one buoy since 24 March.

SPM 2 remains offline, but SPM 3 was restarted on 23 April, the CPC said. The Delta Commander tanker completed loading a crude cargo from SPM 3 yesterday, according to market and shipping sources.

Russia's technical watchdog Rostekhnadzor has finished an inspection on CPC infrastructure that it began on 12 April, the consortium said, adding that no oil spill was recorded in the Black Sea.

The CPC terminal handles roughly 80pc of Kazakh crude and condensate loadings. It is scheduled to export a provisional 1.42mn b/d in May, up from a revised 1.35mn b/d this month.

The disruption at the terminal briefly cut Kazakh crude production by around a quarter. Output was 1.68mn b/d on 22 March, before dropping to 1.25mn b/d on 3-4 April and rising to 1.65mn b/d on 24 April, according to Kazakhstan's Information Analytical Centre of Oil and Gas and Argus calculations. Kazakh crude production averaged 1.59mn b/d in March, down by 50,000 b/d from February, Argus estimates.

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