Kazakh Oil Shipments Slashed Again as Key Port Is Disrupted

Kazakh crude exports from a key port in the Black Sea were slashed again as bad weather, maintenance and drone damage cut the nation’s loadings, bolstering a closely-watched oil price gauge.

Caspian CPC Blend shipments will now be between 800,000 to 900,000 barrels a day this month, around 45% below the loadings that were anticipated in mid-December, traders who monitor cargo loading said. Prices for the barrels surged and the difference between the nearest two benchmark Brent futures contracts hit the biggest in about six weeks, a move that indicates tighter European supplies.