CPC halts oil loadings after tanker attack resumes briefly

• The NELSA tanker was hit on the starboard side, causing a fire that was extinguished with no oil spill; 20 of 22 crew members were evacuated while the vessel remained afloat
• CPC had only briefly resumed loadings after suspending them due to Sunday's drone attacks on two other tankers at the terminal
• The 940-mile pipeline accounts for about 80% of Kazakhstan's oil exports and transported 1.699 million barrels per day in June, down 7% from May

CPC Halts Oil Loadings Following Tanker Attack at Black Sea Terminal

The Caspian Pipeline Consortium (CPC) suspended oil loading operations Monday after a Ukrainian drone strike on the tanker NELSA at its Novorossiysk terminal. The attack struck the vessel's starboard side, causing fires on deck and in compartments, though the blaze was extinguished and no oil spill occurred. The 22-member international crew was evacuated except for the captain and chief officer, and the vessel remained afloat.

Key Details:

• CPC had only briefly resumed operations following Sunday's attacks on two other tankers before this incident
• The pipeline exports almost 2% of global oil supply
• CPC transported 6.442 million metric tons (1.699 million barrels per day) in June, down 7% from May
• The 940-mile pipeline connects Kazakhstan's Caspian Sea oil fields to Russia's Black Sea port
• CPC accounts for approximately 80% of Kazakhstan's oil exports

Market Context:

The closure adds to growing uncertainty in global oil markets already disrupted by tensions in the Strait of Hormuz, a critical crude oil waterway. Ukraine and Russia have intensified attacks on vessels and facilities in the Black Sea and Sea of Azov in recent weeks as both sides target each other's export infrastructure.

Companies Involved:

CPC's shareholders include major oil companies Chevron (CVX.N) and Exxon Mobil, alongside the governments of Kazakhstan and Russia.

The June supply reduction was attributed to an accident at the Tengiz oilfield in late May and decreased Russian crude volumes. The ongoing disruptions pose significant risks to regional oil supply stability.