Ukraine Halts Tanker Attacks Under Pressure from US
The Ukrainian military has reportedly put an end to drone attacks on oil tankers at the port of Novorossiysk following a request from US Vice-President JD Vance.
The request was made due to concerns that these attacks were further destabilizing the already volatile global oil market.
Caspian Pipeline Consortium (CPC), which operates the pipeline from the Caspian coast in northwest Kazakhstan to the Novorossiysk port, has been a major target of these drone attacks. The CPC transports crude oil from three major fields in Kazakhstan: Tengiz, Kashagan, and Karachaganak.
Kazakhstan sends around 80% of its oil exports via the CPC to Novorossiysk, with daily totals falling to just about 1 million barrels at the end of July, down from over 2 million barrels in June. This sharp drop in production was a major concern for the global market.
The US administration views the CPC as a vital conduit of Kazakhstan-origin energy for European markets and an alternative to Russian energy supplies.