Exports of Caspian light sour CPC Blend fell marginally in July, but remained rela- tively elevated amid higher production from the ofshore Kashagan feld. Total CPC Blend exports dropped by 100,000 b/d to 1.45mn b/d last month, a decline that mostly afected shipments to destinations outside of the grade’s core European markets (see graph). Crude and condensate production in Ka- zakhstan - the largest single component of the CPC Blend stream - was fat on the month after rising by 260,000 b/d in June thanks to the return of the giant Kashagan feld from maintenance in mid-May. Kazakh production has been just 45,000 b/d lower so far this month.
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