Update(0803ET): This development certainly isn't going to help global oil prices stay down... Following a drone attack out of Ukraine days ago on the Caspian Pipeline Consortium (CPC) terminal along the Black Sea Coast, Kazakhstan has newly confirmed a halt crude transfers there."Kazakhstan is set to stop piping crude to a port on Russia’s Black Sea coast after a spate of attacks on tankers that's jeopardizing the landlocked Asian country’s ability to produce oil," Bloomberg reports Tuesday morning."The CPC Terminal at the Russian port of Novorossiysk will stop accepting piped supplies because tanker companies are too nervous to send their ships to the facility, two people with knowledge of the matter said," the report continues, describing a developing situation that parallels the ongoing situation of nervous tanker crews who have remained stopped in the Strait of Hormuz, also for fear of being attacked. "The halt is due to begin later on Tuesday," Bloomberg adds.Additionally, CPC clarified in a statement that "Oil loading operations were suspended. No oil spill occurred and no ignition of oil in the cargo tanks was allowed." The pipeline terminates near the Russian port of Novorossiysk, and while mainly carrying Kazakh supply, it also transports some Russian crude. The Kremlin charged that these recent attacks are part of Ukraine's "ambition to further destabilize the situation on global oil markets".That would be about 1.6 mm bopd out of 2.1 mm bopd total Kazakh exports. #OOTT https://t.co/k4Bfr0a639
Kazakhstan Stops Piping Oil To Black Sea After Spate Of Ukraine Drone Tanker Strikes
Busy crucial terminal forced to suspend oil loadings...










