FIRST TAKE: UPDATE: Kazakhstan's CPC Blend pipeline throughput cut NEUTRAL for Med light crude differential, BULLISH if damage lasts longer   • The Caspian Pipeline Consortium, with a capacity of 1.5 million b/d, is operating at reduced levels following a drone attack, amid conflicting statements from Russia and Kazakhstan • 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 on Feb. 17 due to a drone attack, reducing the Caspian Pipeline Consortium's throughput. The impact is currently NEUTRAL for Mediterranean light crude differentials, supported by stable Platts CPC Blend discounts and Kazakhstan's crude inventory, which can sustain exports for over 15 days. However, a prolonged disruption could be BULLISH.   Russia accused Ukraine of the attack on Feb. 18, warning of a potential 30% drop in pipeline flow over two months. Conversely, Kazakhstan reported no restrictions on Feb. 17.   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 maintenance reductions in other fields are not implemented. This 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