CPC Oil Terminal Resumes Kazakh Crude Exports After Attacks

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomePMN BusinessCPC Oil Terminal Resumes Kazakh Crude Exports After AttacksThe main terminal for exporting Kazakhstan’s oil resumed loadings after drone attacks on vessels caused an output cut last week, a step that may help to ease one of the market’s major supply worries.Author of the article:Nariman Gizitdinov, Alex Longley and Sherry Su You can save this article by registering for free here. Or sign-in if you have an account.3jb16)giyh2)tg(xkphrpyt}_media_dl_1.png Bloomberg(Bloomberg) — The main terminal for exporting Kazakhstan’s oil resumed loadings after drone attacks on vessels caused an output cut last week, a step that may help to ease one of the market’s major supply worries.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountTwo tankers chartered by Chevron Corp.’s Tengizchevroil venture in Kazakhstan were loading at the Caspian Pipeline Consortium terminal near the Russian port of Novorossiysk on Monday, the Kazakh energy ministry said. The loadings will allow companies to continue supplying crude to the CPC pipeline system and resume export operations, it said. The CPC also resumed operations of the pipeline that links the giant Tengiz field to the oil terminal shortly after noon Moscow time, the company said. Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againDisruption at CPC added a fresh supply worry to a global oil market that was already reeling from attacks in the Strait of Hormuz as a result of the Iran war, while Yemen’s Houthi rebels opened up a new front of conflict in the Red Sea. European refiners in particular are heavily reliant on the shipments, and a resumption of flows should ease the pressure on the region’s crude market, where prices leaped last week. Multiple vessels that were either loading at, or sailing to, the CPC terminal have been targeted in recent weeks. That left shipowners reluctant to call at the port, causing loadings to pause a week ago and forcing producers in Kazakhstan to cut output. The resumption was reported earlier by Bloomberg.For exports to resume in earnest, there will need to be a continued lack of Ukrainian attacks in the coming days. The two ships that Kazakhstan’s energy ministry said were loading at the terminal both signaled an affiliation with Chevron in their destination field, likely as a means of avoiding attack, according to ship tracking data compiled by Bloomberg. Chevron referred a request for comment to CPC, whose press office declined to comment.Loadings also resumed at the nearby Russian port of Sheskharis in Novorossiysk, after shipments there were halted by a combination of bad weather and drone strikes. The resumptions, along with a pause in US-Iran hostilities, helped push Brent crude futures down below $90 a barrel on Monday, after spiking above $100 last week. While Kyiv hasn’t said it’s responsible for the attacks on ships calling at CPC, Ukrainian military authorities have mentioned several strikes on unidentified oil tankers in the Black Sea in recent days. The vast majority of the oil that comes out of CPC is Kazakh, not Russian, and the exports are not subject to western sanctions. Russian barrels flow out of Sheskharis.The CPC terminal exported about 1.8 million barrels a day in May and June, according to ship-tracking data compiled by Bloomberg. That’s almost 2% of global supply.The facility is by far the largest outlet for Kazakhstan’s barrels, accounting for about 80% of the nation’s crude flows, mostly from projects developed in partnerships with international oil majors. The Central Asian country is the second-largest oil supplier to Europe.(Updates with Kazakhstan Energy Ministry and CPC statements in second and third paragraphs)This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.