Ukraine Halts Oil Tanker Attacks on JD Vance Request
The Ukrainian forces have reportedly suspended drone attacks on oil tankers at the port of Novorossiysk following a request by U.S. Vice-President JD Vance, the Financial Times wrote today, citing unnamed Ukrainian officials. The request was prompted by concern that the drone attacks that shut down the Caspian Pipeline Consortium twice over the last two months were additionally destabilizing an…
Ukrainian forces have reportedly halted drone attacks on oil tankers at the port of Novorossiysk following a request from U.S. Vice-President JD Vance, according to the Financial Times. The request came after the drone attacks, which caused the Caspian Pipeline Consortium (CPC) to shut down twice in the past two months, increased concerns over destabilizing the already volatile global oil market.
The CPC, operated by international oil firms including Chevron, ExxonMobil, Shell, and Eni, transports crude oil from Kazakhstan's Tengiz, Kashagan, and Karachaganak oilfields to Novorossiysk, a port crucial for Kazakhstan's crude exports. Following the attacks, Kazakh oil production dropped sharply to approximately 1 million barrels per day, a significant decrease from over 2 million barrels daily in June.
The U.S. administration sees the CPC as a vital link to European markets, offering an alternative to Russian energy supplies. Washington also urged the Ukrainian government to cease attacking non-Russian tankers in the Black Sea. Kazakhstan, which ships around 80% of its oil exports via the CPC to Novorossiysk, is now considering alternative routes for its oil, including the Baku-Tbilisi-Ceyhan system, shipments across the Caspian Sea via Azerbaijan, and the Baku-Supsa route.
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