Commodities
Home›Commodities›Energy›Ukraine suspends drone attacks on Novorossiysk oil tan…
Ukraine suspends drone attacks on Novorossiysk oil tankers
The pause followed a request from U.S. Vice-President JD Vance, tied to concerns that the attacks were further destabilizing the global oil market.
Ukraine has reportedly suspended drone attacks on oil tankers at the port of Novorossiysk after a request from U.S. Vice-President JD Vance, the Financial Times reported, citing unnamed Ukrainian officials.
The outlet said the request was prompted by concern that drone attacks that had shut down the Caspian Pipeline Consortium twice over the past two months were adding further instability to an already strained global oil market.
Ukraine has also targeted tankers docked at Novorossiysk with drones, and the pipeline and port have been central to Kazakhstan’s crude exports.
CPC runs a pipeline from Kazakhstan to Novorossiysk and handles most of the country’s crude exports from major fields where international firms, including Chevron, ExxonMobil, Shell, and Eni, have stakes. The attacks on the pipeline and port cut Kazakh oil production, with daily total falling to roughly 1.0 million barrels by the end of July from more than 2.0 million barrels in June, according to the report.
The Financial Times also cited an unnamed U.S. government official saying Washington views CPC as a vital conduit of Kazakhstan energy for European markets and told Zelensky’s government to stop attacking non-Russian tankers in the Black Sea.
Latest closeWTI crude $83.42 ▲1.6%