Caspian Pipeline Consortium Shut Down Again Amid Ongoing Ukraine-Russia Conflict

The Caspian Pipeline Consortium has shut down once again due to Ukrainian drone attacks on two tankers at the Russian Black Sea port of Novorossiysk. According to Reuters, the pipeline operator reported that two tankers loading at Novorossiysk were hit by drones, causing a fire on one of them.

The shutdown is the third in just a month, and it comes after a brief reopening following earlier drone attacks. The pipeline carries more than 80% of Kazakhstan's crude exports, with international producers such as Chevron and ExxonMobil relying on the route to move Tengiz production to global markets.

Kazakhstan's oil and gas condensate production fell to 133,200 metric tons, or about 1 million barrels per day, last Sunday, down from an average 2.16 million bpd in June. The disruption is the latest in a series of supply risks affecting global oil flows.