Drone attacks in the Black Sea took out a fifth of Caspian Pipeline Consortium (CPC) oil loadings in July, four sources familiar with the data said, as the Russia-Ukraine war spilled over to hit Kazakhstan's and western oil majors' sales.
CPC loadings fell more than 20% behind July's schedule to around 1.2 million to 1.3 million barrels per day (bpd) after drone attacks near the Black Sea export terminal disrupted supplies, the sources said.
The reduced loadings meant the loss of some 400,000 bpd of CPC Blend oil for international markets in July, adding to the disruption to at least 10 million bpd through the Strait of Hormuz - together accounting for about 10% of global supply.
The CPC pipeline, which transports crude from Kazakhstan to Russia's Black Sea port of Novorossiysk, accounts for about 2% of global oil supply.
Operations remain disrupted into August
Operations at the CPC terminal have been repeatedly interrupted since mid-July. Oil loadings were suspended again on Friday morning after briefly resuming on Thursday, two sources said.
The tanker Oneiroi, that was loaded on Thursday, was expected to sail on Friday if operations at the terminal resume, one of the sources said. Another vessel, Mareta, was set for loading on Friday.
According to data from analytics firm Kpler and two sources, CPC Blend crude loadings have averaged about 1.1 million to 1.2 million bpd so far in August, indicating that exports remain below the reduced July level as disruption persists.
Impact on Kazakhstan and western oil majors
Kazakhstan, which relies heavily on the CPC route for its crude exports, experienced a 14% drop in oil production in July from June, according to the sources. Major Western oil companies operating in Kazakhstan include Chevron CVX.N and Exxon Mobil XOM.N.
Russia's Foreign Ministry said that Ukrainian forces had attacked oil tankers during loading operations at the CPC terminal and accused Kyiv of trying to destabilise global oil markets.
Kyiv has stepped up its strikes on Russian energy infrastructure but Ukraine has not claimed responsibility for, nor commented on, the drone attacks on the facilities that handle predominantly Kazakh crude.
CPC declined to comment on the July and August loadings.
It has not publicly commented on the latest disruption. Kazakhstan has few alternative export routes capable of replacing CPC volumes - typically around 1.5 million to 1.7 million bpd - making the pipeline critical for the country's oil sector and government revenue.
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