CPC Oil Flows Resume After Black Sea Attacks
Chevron CEO Mike Wirth announced that oil is flowing through the Caspian Pipeline Consortium (CPC) pipeline and tankers are being loaded, just one day after two vessels were attacked near its Black Sea terminal. This comes as Kazakhstan's Energy Ministry stated that intake reached 100,000 metric tons a day from August 1 and rejected reports of a complete shutdown.
The CPC pipeline transports over 80% of Kazakhstan's oil exports, including most output from Tengiz and large volumes from Kashagan and Karachaganak. Wirth said two of the three single-point moorings were in service, with the third undergoing refurbishment and expected to return during the third quarter.
Kazakhstan's Energy Ministry stated that CPC temporarily suspended pipeline system operations on July 31 but continued receiving crude and filling storage tanks. The ministry emphasized that a complete shutdown 'is not being considered,' and further increases would depend on tankers arriving for loading near Novorossiysk.