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Caspian Pipeline Consortium to reduce oil shipments in 2021 amid OPEC+ deal

That brings the possible oil shipments via the CPC system 10% below the volumes planned for this year

ST. PETERSBURG, June 5. /TASS/. The Caspian Pipeline Consortium (CPC) may cut oil shipments to 60 mln tonnes from the planned 67 mln tonnes due to OPEC+ restrictions, Chief Executive Officer of the oil pipeline operator Nikolai Gorban told TASS on the sidelines of the St. Petersburg International Economic Forum.

"Oil producers have requested shipment of 67 mln tonnes of oil via the CPC system this year. Meanwhile, considering the figures at the beginning of the year we will probably reach 60 mln tonnes," he said.

That brings the possible oil shipments via the CPC system 10% below the volumes planned for this year.

The virtual oil shipments through the consortium’s pipeline decreased by more than 5 mln tonnes compared with the plan by the end of 2020 due to the pandemic and OPEC+ cuts, CEO said.

CPC pumped 59 mln tonnes of oil in 2020, and received requests from shipping companies to pump 67.5 mln tonnes of oil in 2021, Gorban said earlier.

CPC is a pipeline system connecting Kazakhstan with a seaport in Novorossiysk area, where tankers are loaded with oil for the supply to global markets. The 1,511 km long pipeline links oilfields in the West Kazakhstan with the marine terminal in Novorossiysk. CPC Marine Terminal is equipped with three Single Point Moorings that allow loading tankers safely at a significant distance offshore, also amid poor weather conditions.

The St. Petersburg International Economic Forum organized by the Roscongress Foundation, is taking place on June 2-5. The topic of this year’s forum is "Together Again - Economy of New Reality". TASS is the information partner and the official photo hosting agency of SPIEF.

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