Governor of Temryuk says that a drone strike in Ukraine has killed one and ignited a fire in the Russian port.

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• Russian oil exports to the sea fell in May, according to industry data.

  According to industry sources, Russia's seaborne product exports dropped by 0.2% daily in May compared to April. This equates to a drop of?8.016 millions metric tons. While the 'continued Ukrainian drone attacks on key ports and major refineries led to a sharp decline in oil product loadings at Russia's southern port, this was offset by an increase in fuel exports from Baltic terminals. Kyiv intensified its attacks on Russian energy installations in the last few months as peace talks to end Ukraine's conflict failed to progress. In May, drones targeted a number of Russia's largest refineries, including Lukoil's NORSI refinery as well as Rosneft Ryazan and Surgutneftegaz Kirishi refinery. The fuel production in Russian refineries decreased last month. However, the exports of oil products were boosted by an increase in prices worldwide due to the Iran War and a stockpile of oil product after drone strikes disrupted port terminals. Sources say that oil product exports from Russia’s Baltic ports - Primorsk Vysotsk St. Petersburg Ust-Luga -- rose 11.3% month-on-month in May to 3.82 millions tons as loadings recovered partially after earlier suspensions due to attacks on key terminals. The data showed that fuel exports via Black Sea and Azov Sea ports fell 19.7% from April to 3,03 million?tons last month. In April and May, Ukrainian drones repeatedly attacked the Russian Black Sea port Tuapse as well as the nearby Rosneft owned refinery. This led to the suspension of fuel production and export loads. In May, oil product exports from Arctic ports Murmansk, Arkhangelsk, and Nome, grew to 294,600 tons, up from just 104,300 a month earlier. The data also showed that fuel exports from Russia's Far East ports increased by 21.3% in May compared to April, reaching 875,200 tonnes. Hugh Lawson, Editor and Reporter (Reporting)

• Fuel stations run out of fuel in Crimea after a new night of Ukrainian drone attacks

  Witnesses reported that fuel stations on the Russian-held Crimean Peninsula were running out of gasoline as the Ukrainian campaign to cut off supply lines was intensifying. Witnesses in Sevastopol (the largest city on the peninsula) reported that there was no fuel available at local petrol stations. Supplies were struggling to keep up even with a recent rationing scheme. Another said there was a queue in Yevpatoriya's resort town outside the only petrol station that worked. Ukraine is intensifying drone attacks on supply lines to the peninsula that Russia captured from Kyiv back in 2014. Local authorities have implemented fuel rationing regimes. Some foodstuffs are also in short supply. According to data collected by. Only Crimea and 2 regions in Siberia have confirmed shortages. Most other regions say that the situation is under?control and that some disruptions are caused by panic purchasing. Moscow denied that there was any problem with fuel supplies. Sberbank, a state-owned lender, has warned that the rising cost of fuel poses an inflationary risk to the Russian economy. TRUCKS CAN'T BRING FUEL TO CITY The Russian-backed Sevastopol Governor Mikhail Razvozhaev announced on Wednesday that the plans to distribute rationed fuel had been delayed due to trucks being unable bring the fuel into city following recent Ukrainian strikes on supply routes. Fuel is mainly delivered by rail and road to Crimea via the Russian territories in the north that Moscow took over in 2022. Drone attacks have disrupted these routes more and more. Fuel was previously delivered to Crimea via barge from an oil terminal located in the city of Feodosia. However, supplies have been cut since Ukraine attacked the terminal in April. The governor of Sevastopol who is installed in Moscow said that 33 drones were downed by Ukrainian drones overnight. The Russian-backed Governor of the?Moscow-held part Kherson region which borders Crimea on the north said that Ukraine has targeted bridges and caused some damage. Kyiv struck also in?southern Russia over night, according to authorities, causing damages?including an fire at the Afipsky refinery which has been extinguished. The Adygea governor also reported damage to civil infrastructure in the area. Reporting by Felix Light in Sevastopol, Yevpatoriya; Editing by Alex Richardson

• Bousso: Reopening of the ROI-Hormuz could be OPEC’s downfall

  Saudi Arabia and its neighbours in the Gulf will celebrate the eventual reopening of Strait of Hormuz. But the ensuing oil flood could erode OPEC’s fragile grip on the markets. The Iran War and the closing of the vital waterway, through which nearly one fifth of world oil and gas passed before the conflict, have dramatically reduced the output of the Organization of Petroleum Exporting Countries and shifted the industry's center of gravity away. Riyadh has limited options to counter these changes. The strait is not expected to reopen anytime soon, and it's unclear what the conditions will be. Iran wants to maintain some control over the waterway, even though U.S. president Donald Trump is insistent that it should be returned to pre-war conditions. Despite the uncertainty, it seems that one thing is certain: Saudi Arabia will try to maximize oil exports in order to fill the huge fiscal holes caused by the conflict. According to ROI calculations, the loss of approximately 13 million barrels of Middle East exports each day - 13% of global supplies - since February 28, 2014 represents over $80 billion of lost revenue. The damage to energy infrastructure including refineries and storage facilities as well as tankers, liquefied gas plants and tankers, is estimated at tens or even hundreds of billions. There will be a huge incentive to move fast, given the pent-up energy demand of major importers in Asia. Asian governments and refineries drastically reduced consumption and inventories during the conflict. Stockpiles will be rebuilt by many. Demand and supply will not necessarily recover at the same pace. It could take several months before Middle East producers are able to restart the production of?11 million bpd. Uncertainty also exists about how much of the demand has actually been destroyed, and how much is simply being postponed. Geopolitical worries will likely lead to an uneven, stop and start recovery that puts pressure on supply chains and increases volatility in oil prices. Historically, these conditions would have played into OPEC’s strengths. OPEC and its allies have intervened repeatedly to stabilize markets in past crises, by adjusting production. The COVID-19 pandemic is a prime example, where coordinated cuts and?increases were used to help steer prices through extreme price swings. The cartel appears to be less capable this time. OPEC STRUCTURED AND FRAGMENTED by war. According to U.S. Energy Information Administration statistics, its production fell to 20 million bpd on average in April from 31 millions in February. OPEC has seen its share of the global production drop to an all-time record low of 22%. The UAE's decision to leave the group in April, to pursue their own production strategy, dealt a major blow to both OPEC cohesion and Saudi Authority. The strain is compounded by Russia's inability, due to repeated Ukrainian drone attacks on its energy infrastructure as part of Kyiv’s campaign to weaken Moscow’s war economy, to increase exports or act as a pivotal supplier within the broader OPEC+ Alliance. In this context, the reopening Hormuz may put Riyadh into a difficult position. OPEC members who are desperate for revenue will likely compete fiercely to gain market share. They'll push more barrels on the market, and put heavy pressure on prices. Riyadh may struggle to convince them that they need to reduce production in order to maintain prices. Saudi Arabia's wartime actions could further undermine its influence. Riyadh took advantage of the price spike during the war by diverting over 60% of its exports to the Red Sea. This will make it more difficult for Riyadh to convince producers like Iraq and Kuwait to reduce output when full access to the Red Sea is restored. Recent OPEC policy signals confirm the current direction. The group decided on Sunday to increase output for a fourth month in a row. At this pace, OPEC+ will be able to completely unwind the 1,65 million bpd in cuts that were agreed upon in 2023, at least on the paper side, by September. The road to oversupply is bumpy. The balance of risk points to an oversupply. According to Rystad analyst Jorge Leon, the return of OPEC barrels along with sustained high production from countries?such as the U.S. Brazil and Venezuela, could leave the market with a surplus of 5 million bpd after a complete reopening the Hormuz. It is important to note that producers outside of the Gulf, such as some OPEC member countries, have strengthened their market positions over the crisis. This should make it more difficult for Gulf producers without aggressive pricing to recover lost market share. The producer group has demonstrated a willingness over the years to engage in "painful" price wars. But if you start one now, following the most disruptive shock to supply in decades, it could spiral out of control, hastening the demise of OPEC. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.

• Port authority reports that Panamanian and Barbadian vessels were damaged in an attack on Ukrainian waters.

  The Ukrainian Ports Authority reported on Wednesday that two vessels flying the Panamanian and Barbadian flags had been damaged by an attack while they were moving along Ukraine's Black Sea navigation corridor. According to the authority's Telegram post, one vessel is headed towards the port of Odesa - a vital port for Ukrainian exports - with a cargo?of metal while the other was carrying grain and had already left the port. Both vessels were operating in the navigation corridor set up by Ukrainian authorities to allow ships travel from the 'Black Sea' to Romanian ports along the 'Danube River. Oleh Kiper said in Telegram that Russian drones were responsible for the attacks. The Russian Defence Ministry did not respond immediately to a comment request. Ports Authority said that a fire broke out on one of the vessels, but it was quickly put out by the crew. No injuries were reported and both ships were able continue their journeys. Kiper, writing on 'Telegram', said that the enemy continues to terrorize the?peaceful Odesa Region and tries?to disrupt?the operation of the Ukrainian marine corridor. Kiper said that "several waves of Russian drones" had also attacked the south Odesa region and struck civilian targets as well as energy infrastructure. Bill Berkrot edited the report by Ron Popeski, Oleksandr Kozoukhar and Bill Berkrot.

• Think tank: Ukraine will experience summer power shortages following Russian attacks

  The DiXi Group, a think tank, predicts that Ukraine's energy system, which has been under constant Russian assault, will face power shortages in the summer months, and consumers may be affected by outages, despite the strong output of solar power plants and the imports. Russia has been attacking Ukraine's energy generation and transmission system throughout the war. This has caused severe damage to thermal power plants, forcing Kyiv to import more and to resort to massive power cuts for consumers. DiXi stated in a press release that, under moderate temperatures and with no further damage done to the energy grid, the power shortage could reach 0.7 gigawatts during peak consumption. However, it could rise to 2.4 gigawatts if temperatures are significantly higher. The situation will be further complicated by the annual maintenance of nuclear power units, which are crucial to the energy system. It stated that "as the average daily temperature rises, hourly power cut will be 'unavoidable. A shortage could even occur at night when demand is?lowest", it said. If the system is damaged by high temperatures and further damages, the shortfall could reach 6.2?GW compared to 15.8 GW of demand, or about 40%. Blackouts in Kyiv, the capital, lasted up to 14-16 hours during the winter of 2025-2026 when Russian missiles damaged more than half of Ukraine's capacity for power generation. (Reporting and editing by Jan Harvey; Pavel Polityuk)

• Maguire: Germany's industrial growth could be re-ignited by the power of Germany.

  Germany's electrical output will grow by more than 10 percent in 2026. This could be a lifeline for the industrial sector, which has been near stagnation over the past few years. According to the energy think tank Ember, total utility-supplied electric output has increased by more than 10 years. It now stands at 209 terawatts hours (TWh). This surge in power production?has coincided?with tentative signs of stabilisation?in parts of the manufacturing sector of the country,?including?some energy-intensive sectors such as chemicals. The total output and activity levels of Germany's vital industrial base are still well below their previous peaks. And the total electricity produced by utilities is around 19% lower than its all-time high set in 2017. Germany's clean energy supplies are nearing multi-year highs, and the annual growth of total electricity is expected to be the highest in many years. POWERING A TUNNAROUND This shift is important because the availability of energy and its affordability has been a major constraint for German industry ever since the energy crisis in 2022, which was triggered by Russia’s invasion of Ukraine. In response, several major European energy importers have cut their purchases of Russian gas and oil. This has led to a sharp tightening on local energy markets. Fuel and power prices surged, causing German businesses to lose money, forcing them to cut back on production and trigger a contraction in energy-intensive industries that are the basis of Germany's manufacturing model. The reverse dynamic is now beginning to emerge. Wind and solar power are increasing, and they inject large amounts of electricity at low cost into the grid. This helps to stabilize supply and cap wholesale prices. The average wholesale spot power price in Germany has been around 96.4 Euros per Megawatt Hour so far in 2026. This is a relatively flat rate compared to a year ago and the lowest in the last two years. Even a modest reduction in electricity costs can have a disproportionate impact on industrial users' profitability and production decisions. Early signs indicate that there may be some ease in the air. The producers of energy-intensive chemicals and goods are among those who have been hit the hardest in recent years. They show tentative signs of stabilisation along with the increase in power supply. A STRUCTURAL?SHIFT in Supply This time, the key difference is the source of expansion. Germany does not depend on fossil fuels, nor imports for supply. Instead, it relies on renewable energy produced domestically. The system is dominated by wind, but solar energy has been gaining ground, and it's setting records. This is important for two reasons. The first is that renewable energy has near-zero marginal cost, so increases in production tend to lower overall electricity prices. Second, electricity generated domestically reduces the exposure to volatile fuel markets globally, improving supply security, predictability, and reliability for industrial users. These dynamics together create an operating environment that is more favorable for manufacturers today than it was before the energy crises. LIMITATIONS ON THE REBOUND This does not guarantee a complete industrial revival. German manufacturing continues to struggle with a weak global demand, increased competition from abroad and structural changes, especially in sectors like autos and chemicals. The recovery will likely be slow. The power system itself is not without its own constraints. Grid bottlenecks and intermittent renewable energy, as well as the need for increased storage capacity, could all be limiting factors in how quickly a rise in generation can translate into a consistent drop in prices. While electricity production is on the rise, total demand still hasn't recovered, reflecting the cautious attitude of industrial users. The Energy-Industrial Feedback Loop The direction is still becoming more clear. The industrial sector in Germany does not require a return of ultra-cheap electricity to stabilize -- it requires predictability, scale, and gradual cost relief. Expansion of electricity supply has begun to achieve this. The availability of more power can?support higher industrial production, which, in turn, increases electricity demand and encourages further investment in generator capacity. This feedback loop can help to rebuild the competitiveness and scale of Germany's industrial base. A NEW POWER CHAPTER Germany's economy has long been linked to its factories. After the energy shock, however, this link may have been broken and the road to recovery could be in the opposite direction. The current surge in supply of electricity will not only light up homes and charge cars, but it will also reset the economics for manufacturing in one of the leading manufacturing hubs in the world. The next chapter in Germany's industrial history may not start on the factory floor but on the grid. The opinions expressed are those of the columnist, author. This column is a great read! Check out Open Interest, your new essential source for global financial commentary. Follow ROI on LinkedIn, X and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.

• Ukraine slams Mariupol port'significantly restricting' its use

  Kyiv announced?on? Wednesday that Ukrainian forces had struck "several" key facilities in the Russian-occupied port of Mariupol. This attack has "significantly reduced" its ability to be a vital logistics hub for Moscow’s war effort. According to Ukraine's Drone Forces, the port had no power after strikes on its energy management and infrastructure. They said that they had "carried out" the operation in conjunction with the 1st Azov Corps, and the SBU security service. The statement said that the port had been 'used by the enemy for military logistic, as well illegal exports of Ukrainian grain and coal to Russia. "The enemy?s ability to use Mariupol a logistic hub is severely limited." The 1st?Azov 'Corps? posted a video showing drone footage of the ships, electrical station and other structures that were attacked. The strikes on Tuesday are part of a growing Ukrainian campaign that targets Russian military logisticians?far from the front line. Analysts say this has hampered Moscow’s battlefield advancements.

• Ukraine warns that Russian attacks on Odesa port threaten export collapse

  UAC, Ukraine's biggest farmers' union, said that Russian attacks on Ukraine’s Black Sea ports had already caused "serious" damage to the export terminals and threatened a significant?reduction in shipments. This includes key agricultural exports. The hub of Odesa is the main port for exports of Ukraine, including iron ore. In recent months, Russia increased its attacks on port infrastructure. It has targeted?grain termini as well as storage and export facilities for sunflower oil. Ukraine's agricultural products are dominated by grain?and vegetable oils. "The situation in ports around Odesa has reached a critical level." UAC stated that systematic Russian shelling was destroying Ukraine's logistics heart. The businesses have spent all their financial resources on repairs. The union said that without a?framework program and foreign funds to support it, it was impossible for terminals to be restored on their own. The union has not specified how much money is required to restore terminals. According to World Bank estimates the total recovery costs for Ukraine's transport sector are estimated at $96.3 billion by the end of 2025. Around 60% of the losses in transport are due to the disruption of access to ports. At the ports are dozens of terminals for grain and oilseeds, some of which are owned by major foreign companies. UAC noted that if terminals are unable to recover quickly from a failure, exports could collapse, storage areas would overflow and farmers might lack the capital required for the next planting campaigns. This poses a serious threat to the food security of Ukraine as well as the rest of world. Official data revealed that Ukraine is a major global grain exporter. It has exported more than 34 million metric tonnes of various grains in 2025/26. In the same period of 2024/25, Ukraine exported 38.6 millions tons of grain. (Reporting and editing by Tomaszjanowski)

• Maguire: Germany's industrial growth could be re-ignited by the power of Germany.

  Germany's electric output will grow by more than 10 percent in 2026. This could be a lifeline for the industrial sector, which is at the core of Europe's largest economy. According to the energy think tank Ember, total utility-supplied electricity output has increased by more than 10 years. It now stands at 209 Terawatt Hours (TWh). The?surge of power production has coincided with tentative?signs of?stabilisation of parts of the manufacturing sector of the country, including certain energy-intensive industries like?chemicals. The total output and activity levels of Germany's industrial base are still well below their previous peaks. Total utility-supplied electric output is also around 19% lower than the peak reached in 2017. Germany's clean energy supplies are nearing multi-year highs, and the annual growth of total electricity is expected to be the highest in many years. POWERING A TUNNAROUND This shift is important because the availability of energy and its affordability has been a major constraint for German industry ever since the energy crisis in 2022, which was triggered by Russia’s invasion of Ukraine. In response, several major European energy consumers cut their purchases of Russian oil and natural gas. This has led to a sharp tightening on the local energy market. Fuel and power prices soared, causing German businesses to lose money, forcing them to cut production and trigger a contraction in energy-intensive industries that are the backbone of Germany's manufacturing model. The reverse dynamic is now beginning to emerge. Wind and solar power are increasing, and they inject large amounts of electricity at low cost into the grid. This helps to stabilize supply and cap wholesale prices. The average wholesale spot power price in Germany in 2026 has been around 96.4 Euros per Megawatt Hour, which is essentially flat in comparison to a year ago and the lowest in the last two years. Even a modest reduction in electricity costs can have a significant impact on industrial users' profitability and production decisions. Early signs suggest a slight easing of the situation. The producers of energy-intensive chemicals and goods are among those who have been hit the hardest in recent years. They show some signs of stabilisation with the increase in power availability. A STRUCTURAL CHANGE IN SUPPLY The source of expansion is what makes this difference. Germany does not depend on fossil fuels, nor imports for supply. Instead, it relies on renewable energy produced domestically. The system is dominated by wind, but solar energy has been gaining ground, and it's setting records. This is important for two reasons. The first is that renewable energy has near-zero marginal cost, so increases in production tend to lower overall electricity prices. Second, electricity generated domestically reduces the exposure to volatile fuel markets globally, improving supply security, predictability, and reliability for industrial users. These dynamics together create an operating environment that is more favorable for manufacturers today than it was before the energy crises. LIMITATIONS ON THE REBOUND All of this does not guarantee a complete industrial revival. German manufacturing is still struggling with weak global demand. Rising competition from abroad and structural changes are key sectors like autos and chemicals. The recovery will likely be slow. Also, there are constraints in the system itself. Grid bottlenecks and intermittent renewables could limit the rate at which rising production translates to lower prices. While electricity production is on the rise, total demand still hasn't recovered,?reflecting industrial users' cautious attitude. The?ENERGY INDUSTRY FEEDBACK LOOOP The direction is still becoming more clear. The industrial sector in Germany does not require a return of ultra-cheap electricity to stabilize -- it requires predictability, scale, and gradual cost relief. Expansion of electricity supply has begun to achieve this. The availability of more power can support a higher industrial output, which will in turn increase electricity demand and encourage further investment. This feedback loop can help Germany to regain its competitiveness and scale over time. A NEW POWER CHAPTER Germany's economy has long been linked to its factories. After the energy shock, however, this link may have been broken and the road to recovery could be in the opposite direction. The current surge in supply of electricity will not only?light homes or charge cars -- it'll quietly reset the "economics" of manufacturing in one of the leading manufacturing hubs in the world. The next chapter in Germany's industrial history may not start on the factory floor but on the grid. The opinions expressed are those of the columnist, author. This column is a great read! Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn, X and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.

• TASS reports that three blasts have occurred on a gas pipeline in Dagestan.

  TASS reported?on?Tuesday, citing the regional ministry of emergency, that three?explosions?hit a gas pipe in 'the town 'of 'Kizilyurt, in Russia’s Dagestan Region in the North Caucasus. However, emergency crews managed to control the resulting blaze. Three explosions were reported by the?ministry on a trunk 1,200 mm gas pipeline. No injuries have been reported. TASS?quoted?officials in the?region who said that emergency crews brought under control flames which had risen 15 metres (50 feet). It said that grassy areas were burning near the explosion site. Russian news agencies reported that residents who were ordered to evacuate from 300 homes are now returning. Interfax reported that the mayor's office in Kizilyurt said a fire had occurred within the industrial area of the town and was believed to have engulfed the gas distribution station. Joe Bavier, Sanjeev MIglani and Joe Bavier reported; edited by Sanjeev miglani.

• Fuel shortages in Southern Russia spark panic buying

  The governor of Russia's Krasnodar Region said that disruptions in fuel supply have led to panic buying, while Ukrainian strikes on energy infrastructure disrupted fuel deliveries throughout a number of southern regions, including Russian-held Crimea. Ukraine has been targeting Russian fuel depots, refineries and pipelines for the past?months? in an attempt to stop Moscow from financing its four-year-long war in Ukraine. The recent long lines at gas stations in some areas highlight the domestic impact of the strikes. Emergency services reported on Tuesday that a fire at an oil depot located in Ust-Labinsk, in the Krasnodar Region -- which was allegedly sparked by a drone strike on Saturday -- has been put out. Veniamin Kodratyev, the Governor of Krasnodar Region, said Monday night that some smaller gas stations bordering Crimea in the southwest are running low on fuel. However, the situation has been brought under control. He said that many people decided stock up on gas because of the difficult situation in neighboring regions. This led to artificial panic buying. Distributors were also taking measures to prevent any long-term shortages. The Russian Energy Ministry stated that a recent surge of Ukrainian attacks on energy facilities caused temporary supply problems in several southern areas. The ministry said that a taskforce had been established to assist in stabilising the sector across the country. CRIMEA TIGHTENS FUELS RATIONING Crimea has rationed fuel since May's end and tightened the restrictions last Thursday by suspending all gasoline sales in cash and issuing new coupons. As the summer approaches, the region of?Krasnodar faces a supply crunch as tourists are expected to drive to the popular Black Sea Coast. The wider security situation is already impacting tourism. Flight restrictions at Sochi Airport -- the main air gateway for the region -- have caused delays and cancellations. The Russian tour operator's association ATOR announced on Monday that sales for Sochi have dropped 20-30% compared to 2025. Both the?central banks and a banking lobby moved their annual conferences away from the resort. On a regional Telegram group, users questioned the governor's description of the current situation. One user posted a picture of signs saying "NO FUEL", which were on the gas pumps of a Lukoil station in the city of Krasnodar. One person wrote: "I've never seen something like it. For the past three nights, the gas station adjacent to mine has only had gasoline available for two or three hours each time. Could not independently verify reports. (Reporting and Writing by Alessandra Prrentice, Editing by Ros Russel)

• Sources say that Black Sea CPC blend oil exports for June were revised up by 17% compared to the preliminary plan, and now stand at 1.7 million barrels per day.

  Three trading sources have confirmed that the Caspian Pipeline Consortium plans to export 1.7 million barrels of CPC Blend crude per day in June, compared with an initial estimate of 1.45 million barrels. They said that maintenance at Kazakhstan's Kashagan field was postponed, and production at Tengiz, the country's oilfield, has been restored following a technical problem in May, which resulted in the higher forecast. The initial June plan was revised upwards by 17%. According to calculations, the?May?loading plan was expected to reach a multi-month peak. Calculations show that the May loading plan would reach a multi-month high of 1.8 million barrels per day. It was not clear whether the May plan had been fully implemented. CPC does NOT comment on operational shipment statistics. Maintenance on the Kashagan Field, which has an approximate capacity of 0.4 million barrels per day, was originally scheduled for June, but it has now been pushed back to 2027. An accident caused a sharp drop in oil production at Kazakhstan's largest?field Tengiz, owned by Chevron. CPC blend oil has been very successful for exporters, thanks to the firm prices and good demand in Europe. CPC's shareholders include the U.S. company Chevron,?Russia, with 31% of shares, Kazakhstan, with 20.75% and several private companies. (Reporting in Moscow by Robert Harvey, with additional reporting in London by Susan Fenton).