Drone Attacks in the Black Sea Reduce Kazakh Oil Exports by 20%

Drone strikes in the Black Sea have led to a 20% reduction in oil shipments from the Caspian Pipeline Consortium (CPC) terminal in July. Shipments fell to 1.2-1.3 million barrels per day, resulting in a loss of about 400,000 barrels of CPC Blend oil for the global market. The CPC pipeline, which transports oil from Kazakhstan to Novorossiysk, accounts for about 2% of global supplies. The majority of the oil is produced with the participation of companies like Chevron and ExxonMobil. Operations at the CPC terminal have been regularly halted since mid-July, and by early August, exports stand at 1.1-1.2 million barrels per day. Due to disruptions along the route, oil production in Kazakhstan has decreased by 14% compared to June. Kazakhstan has no alternative routes to redirect such volumes of crude.

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