Finance
Black Sea CPC crude offers drop amid drone strikes
Published by Global Banking and Finance Review
Posted on January 16, 2026
Last updated: January 16, 2026
Black Sea CPC crude offers drop amid drone strikes
Impact of Drone Strikes on CPC Crude Prices
LONDON/MOSCOW, Jan 16 ((Reuters)) - Offer prices for Caspian CPC Blend crude oil dropped sharply this week, according to trade sources, as exports of the grade continue to be impacted by drone strikes in the Black Sea and weather-related delays.
ExxonMobil's Recent Offers
ExxonMobil, which is a shareholder in the Caspian Pipeline Consortium, was offering on Thursday a 120,000 metric ton CPC Blend cargo at a $1.35 a barrel discount to benchmark dated Brent in the Platts window, a service run by oil-index publisher S&P Global Commodity Insights, trade sources said.
Kazakhstan's Call for Support
No buyers stepped forward and the offer was withdrawn.
CPC's Role in Global Oil Supply
A day earlier, the U.S. oil major had offered the same cargo at a 40 cent discount, which one physical oil trader had described at the time as a cheap offer relative to current market prices.
Earlier this week, Kazakhstan urged the U.S. and Europe to help secure oil exports after at least two oil tankers - one of which was chartered by Chevron - were struck in the Black Sea by unidentified drones on Tuesday. CPC Blend is a feedstock for many European refiners.
"We are monitoring the situation, of course, additional costs may apply, but this should also be reflected in the grade's price", another trade source said, adding that there had been no company order to suspend purchases.
CPC handles around 1.5% of global oil supply, and 80% of Kazakhstan's oil exports. Its regular customers include a handful of Asian refiners as well as European firms.
CPC Blend loadings are taking place from one single point mooring out of three (SPM-1), after SPM-2 was taken offline by a Ukrainian drone strike in November, and maintenance works on SPM-3 have faced weather-related delays since December.
CPC does not usually comment on daily terminal operations, and earlier declined to comment on the recent drone strikes.
(Reporting by Reuters reporters in London and Moscow. Editing by Alex Lawler and Mark Potter)
Frequently Asked Questions about Black Sea CPC crude offers drop amid drone strikes
1What is CPC Blend?
CPC Blend is a type of crude oil that is a key feedstock for many refiners, particularly in Europe. It is produced through the Caspian Pipeline Consortium.
2What are drone strikes?
Drone strikes refer to attacks carried out by unmanned aerial vehicles (UAVs) that can target specific locations, often used in military operations.
3What is a crude oil discount?
A crude oil discount is the amount by which the price of a specific crude oil is lower than a benchmark price, such as Brent crude.
4What is the role of Kazakhstan in oil exports?
Kazakhstan is a significant oil producer, with CPC Blend accounting for about 80% of its oil exports, making it a crucial player in the global oil market.
5What are weather-related delays in oil exports?
Weather-related delays occur when adverse weather conditions hinder the loading and transportation of crude oil, affecting supply and pricing.
