What if Kashagan and Tengiz expansions deepen the CPC export glut?
Tengiz FGP and Kashagan step-ups push Kazakh exports higher into a soft market, swelling CPC Blend volumes through the Black Sea; Mediterranean sweet differentials weaken and Brent's floor erodes.
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The butterfly cascade
How this trigger trickles across markets, left → right — the root shock, its first‑order moves, then the ripple effects. Drag any node; tap a market for its real price history.
Resolution timeline — how this probability is moving
Our model's odds (electric blue) over time vs the market's (Polymarket, amber), from the past toward the 6–18 months horizon. Each dot is a real macro event that nudged the probability — green pushed it up, red pushed it down. Tap a dot for the source. Loading the probability audit trail…
What it would mean
If this plays out, it is a mixed shock. Tengiz FGP and Kashagan step-ups push Kazakh exports higher into a soft market, swelling CPC Blend volumes through the Black Sea; Mediterranean sweet differentials weaken and Brent's floor erodes. The trigger decomposes into signed root‑shocks — Clean-energy abundance ▲ · Inflation expectations ▼ · Oil demand ▼ · Risk appetite ▲ — which propagate through our causal graph to the markets below.