Commodities
Home›Commodities›Energy›Caspian Pipeline Consortium shuts down again after Bla…
Caspian Pipeline Consortium shuts down again after Black Sea tanker fire
The latest stoppage follows attacks that damaged two tankers loading at Novorossiysk, sending five vessels to Turkey and Spain or changing them to “for orders,” Reuters reported.
The Caspian Pipeline Consortium shut down again after Ukrainian drone attacks on two tankers at Russia’s Black Sea port of Novorossiysk, Reuters reported, citing the operator of the pipeline.
The operator said the drones hit two tankers loading at Novorossiysk, triggering a fire on one of them. Reuters also reported that after the news broke, five tankers bound for Novorossiysk redirected to Turkey and Spain, or changed their status to “for orders.”
This is the third shutdown of the CPC in a month, with the pipeline having reopened just days earlier after earlier drone attacks. The last shutdown lasted about a week, crippling Kazakhstan’s exports and prompting a reduction in crude oil production, according to Reuters.
The CPC is a roughly 1,500 kilometer pipeline that moves crude from Kazakhstan’s Tengiz oilfield across southern Russia to the Black Sea port, and it carries more than 80% of Kazakhstan’s crude exports. Reuters noted that international producers including Chevron and ExxonMobil use the route to deliver Tengiz volumes to global markets.
Latest closeWTI crude $86.80 ▲3.8%