FIRST TAKE: Kazakhstan's CPC Blend pipeline throughput reduction NEUTRAL for Mediterranean light sour crude differential   • The Caspian Pipeline Consortium, with a capacity of 1.5 million b/d, is operating at reduced levels due to a drone attack. • Kazakhstan’s CPC Blend discount has been decreasing in Q1 amid elevated refinery outages in Europe. • Expansion of the Tengiz field may challenge Kazakhstan's adherence to OPEC+ production limits.   The Kropotkinskaya pumping station was decommissioned Feb. 17 due to a drone attack, reducing the Caspian Pipeline Consortium's throughput. We assess the impact as NEUTRAL for the Mediterranean light sour crude differential, as the reduced pumping rate may be temporary. Additionally, Kazakhstan's crude inventory could cover more than 15 days of exports.   Before the attack, the CPC Blend discount decreased in the first two months due to low demand for the naphtha-rich grade and increased refinery outages in Europe. Currently, unplanned shutdowns at three refineries have resulted in approximately 400,000 b/d of offline capacity. Moreover, a major turnaround is underway at Sonatrach’s 198,000 b/d Augusta refinery in Italy.   Looking ahead, Kazakh CPC Blend crude supply is anticipated to rise due to the expansion of the Tengiz field, if there were no maintenance reductions at other fields. That could challenge Kazakhstan's compliance with OPEC+ production limits.   Read on Platts Connect: https://plattsconnect.spglobal.com/web/index1.html#platts/insightsArticle?articleID=e7596e1a-d167-4929-9b49-008e060c078b&insightsType=Spotlight