Trump Warns Ukraine Over Black Sea Oil Tanker Attacks

The Trump administration warned Ukraine against attacking oil tankers not owned by Russia in the Black Sea. This warning came after a drone attack on the Caspian Pipeline Consortium's (CPC) marine terminal in Novorossiysk on July 19.

The CPC transports approximately 1.4 million barrels of oil per day to European markets, making it an important alternative to Russian energy supplies. The pipeline and fields were not damaged but prolonged disruptions could significantly affect Chevron's revenues.

Chevron owns 15% of the CPC shares and half of the shares in the Kazakh Tengiz oil field, which accounts for about 12% of the company's global production. If attacks on the CPC infrastructure continue, Chevron would likely have to reduce its production.