Caspian Oil Pipeline Shuts Down Again After Black Sea Drone Attack
The Caspian Pipeline Consortium has shut down again, following Ukrainian drone attacks on two tankers at the Russian Black Sea port of Novorossiysk, Reuters reported, citing the company operating the pipeline. According to the operator of the pipeline, the drone attacks hit two tankers loading at No
Source: OilPrice.com
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DW NOTE
The CPC pipeline has now shut twice in three months — first in May for "maintenance," now for a drone strike near its Black Sea terminal. Kazakhstan ships 1.2 million barrels a day through that route, roughly 80% of its total exports. Yet WTI is down 8.8% this week and trading 25% below its annual high. Either the market thinks the shutdown is brief or it no longer believes Caspian barrels matter.