September 1, 2017 / 4:56 PM / 2 months ago

CPC's oil exports drop 1 pct in Aug

MOSCOW, Sept 1 (Reuters) - The Caspian oil pipeline cut supplies by about 1 percent in August from July, to 4.417 million tonnes, the Caspian Pipeline Consortium (CPC) said on Friday.

In January-August, CPC’s exports rose to 36.1 million tonnes from 28.08 million tonnes in the year-earlier period, in accordance with its expansion plans.

Last month, the consortium said it had curtailed its export target for this year to 56.5 million tonnes of crude oil (1.13 million barrels per day) due to a global oil output cut deal reached by OPEC and non-OPEC producers.

Initially, it had planned to export almost 65 million tonnes this year.

The pipeline connects the Tengiz field in Kazakhstan, and a number of other fields, to the sea terminal near Novorossiisk in Russia. (Reporting by Alla Afanasyeva; writing by Vladimir Soldatkin; editing by Susan Fenton)

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