Kazakh oil flows caught in Russian export problems, traders say

CPC ships about 1.2 million barrels per day (bpd) of oil, equating to 1.2% of global supply, from Kazakhstan fields developed by Chevron, Exxon Mobil, Eni and Shell as well as from Russia. CPC declined to comment.

The CPC pipeline that ships 1.2% of the world's from Kazakhstan to gloabal markets has been caught in Russian sanctions problems in recent days as buyers avoid its oil because of mixture with Russian grades and loadings from a Russian port, traders said. Five traders, who spoke with Reuters on condition of anonymity, said buyers have been avoiding CPC for delivery in late March.

They said CPC exports oil from Russia's Novorossiisk port and mixes it with Russian grades, which deterred most buyers and made it difficult to find insurance for the ships. CPC ships about 1.2 million barrels per day (bpd) of oil, equating to 1.2% of global supply, from Kazakhstan fields developed by Chevron, Exxon Mobil, Eni and Shell as well as from Russia.

CPC declined to comment. The largest exporter along the route, Tengizchevroil, declined to comment on commercial matters but said production and exports have continued as normal so far.