Caspian Pipeline Consortium slashes exports by 15%, March loading plan cut to 1.4 million barrels, eight cargoes canceled

⑴ Caspian oil export channels have suddenly tightened. Three industry sources revealed that the Caspian Pipeline Consortium has reduced its March CPC blended crude oil export plan from an initial 1.7 million barrels per day to about 1.4 to 1.5 million barrels per day. Calculations show that this means the latest plan is a significant 15% reduction compared to the initial scheme.⑵ The direct cause of the supply tightening is the cancellation of eight tanker cargoes. Sources said that the reduction in the shipping schedule is accompanied by the withdrawal of eight batches of crude oil cargoes. The consortium is a key channel for Kazakhstan's crude oil exports, and changes in its capacity directly affect global supplies of light crude oil.⑶ Severe weather and frequent drone alerts continue to disrupt export operations. In February, due to the recovery of oil field production, CPC's loading volume was about 1.1 million barrels per day. Now, under the dual pressure of harsh weather and security alerts, logistics bottlenecks have re-emerged, further tightening the already strained global crude oil supply situation caused by the Iran conflict.