Kazakhstan Plans 12% Increase in CPC Oil Exports for March

Kazakhstan is set to boost its oil exports via the Caspian Pipeline Consortium (CPC) by 12% in March 2024, increasing the volume from 5.4 million tons in February to 6.7 million tons. This rise, equivalent to approximately 1.71 million barrels per day, is largely driven by increased production at the Tengiz oilfield, which has recently ramped up output following maintenance and expansion efforts. Concurrently, Kazakhstan's CEO of KazMunayGas, Askhat Khassenov, and SOCAR President Rovshan Najaf discussed enhancing oil transit through the Aktau–Baku–Ceyhan pipeline, with expectations to raise shipments to 1.7 million tons this year. The collaboration aims to streamline the supply of Kazakhstani oil to global markets while also addressing environmental agreements to reduce emissions. Kazakhstan's oil production has consistently exceeded OPEC+ quotas, prompting future commitments to balance output. The recent increase comes amidst uncertainty regarding Russian oil supplies to the CPC following an attack on the Kropotkinskaya pumping station.