Exports of CPC Blend crude from Novorossiisk port halted

Oil

Shipments of Caspian CPC Blend crude oil from the Black Sea port of Novorossiisk have been forced to stop after a storm damaged some of the offshore single point moorings (SPMs) at the port’s loading terminal, Argus reports. Loadings of CPC Blend are currently scheduled at 1.52M b/d in April, however a statement from the Russian deputy prime minister Alexander Novak has suggested that repairs to the SPMs could take up to two months to be completed. CPC Blend volumes account for around 80% of Kazakhstan’s crude and condensate exports, and while some supplies could be diverted to other pipelines or railed, spare capacity on these alternative routes is limited.