Loadings of Kazakh crude at the Caspian Pipeline Consortium (CPC) terminal offshore Novorossiysk slowed sharply after damage to offshore infrastructure on November 29. The Kazakh Energy Ministry confirmed that one of the terminal’s single-point moorings (SPMs) was hit by a Ukrainian drone, triggering efforts to secure alternative export routes. Crude exports have not been fully halted.
Wood Mackenzie data shows marked volatility in recent weeks. Loadings averaged 1.50mn b/d on November 14, down 4% week-on-week. Volumes fell to 1.09mn b/d by November 21, a 27% decline, before rebounding to 1.31mn b/d on November 28, up 20%. For the week ending December 5, flows edged higher to 1.35mn b/d, a 4% increase.
The CPC system, which handles roughly 1% of global crude supply and counts Russian, Kazakh and U.S. shareholders, has reduced exports following damage to the SPM. The compromised infrastructure has constrained loading operations at Novorossiysk. In response, Kazakhstan is pursuing alternative routes to maintain continuity, including the Atasu–Alashankou pipeline to China, while repairs at CPC Terminal progress.
