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CPC stops accepting Kazakh oil due to attacks on tankers, sources say

July 21, 20268:47 AM Reuters0 Comments

The Caspian Pipeline Consortium has stopped receiving oil from Kazakhstan after suspending loadings on Monday due to attacks on oil tankers at its Black Sea terminal, three industry sources said.

Two of the sources, speaking on Tuesday, also said that oil reservoirs at the terminal are full.

CPC, which accounts for 80% of oil exports from Kazakhstan, declined to comment.

CPC said on Monday that oil loadings were suspended at the Black Sea port following a drone attack on tankers.

Russia has accused Ukraine of targeting CPC tankers as part of its “ambition to further destabilise the situation on global oil markets”.

Ukraine has not commented on the attacks.

According to LSEG ship-tracking data, at least two tankers had planned to arrive at the terminal to fetch oil, but changed direction.

“Chevron continues to monitor the situation at CPC. The safety and security of personnel remain our top priority. Any further inquiries regarding CPC should be directed to that entity,” Chevron, which has a 15% stake in CPC, said in an emailed comment.

The suspension of loadings from the CPC pipeline, which exports almost 2% of global oil, adds to global oil concerns as the war in Iran has already disrupted supply from Saudi Arabia and other Gulf producers.

The Kazakhstan government said on Monday that CPC loading facilities were not damaged in the attacks.

CPC oil supplies in June fell by 7% from May to 1.699 million barrels per day, according to the sources, due to an accident at the Tengiz oilfield in late May and lower volumes of Russian crude.

(Reporting by Reuters; Editing by Susan Fenton)

Chevron

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