Photo caption: OPEC
Russia has ordered the Black Sea terminal handling Kazakhstan’s oil exports pumped by U.S. majors Chevron and Exxon Mobil to close two of its three moorings.
The Russian order to CPC came just hours after U.S. President Donald Trump said he was unhappy with Russia and the rate of progress in peace talks with Ukraine and threatened to impose secondary tariffs on buyers of Russian oil.
Russia has ordered the Black Sea terminal handling Kazakhstan’s oil exports pumped by U.S. majors Chevron and Exxon Mobil to close two of its three moorings amid a standoff between Kazakhstan and OPEC+ over excess production.
The operator of the Caspian Pipeline Consortium (CPC), which exports around 1 per cent of global oil supply via the Russian terminal, said late on Monday, April 1, that the two moorings were halted following snap inspections by Russia’s transport watchdog.
The stoppage could more than halve CPC exports if it lasts for longer than a week, trading sources noted. The Russian order to CPC came just hours after U.S. President Donald Trump said he was unhappy with Russia and the rate of progress in peace talks with Ukraine and threatened to impose secondary tariffs on buyers of Russian oil.
Kazakhstan has frequently exceeded its production quotas under a pact among OPEC+ producers, which includes the Organization of the Petroleum Exporting Countries and allies, such as Russia.
However, it is difficult to convince the companies operating its largest oilfields to reduce output, as they have spent tens of billions of dollars to expand capacity.
Kazakhstan‘s energy minister stepped down last month after tough discussions on OPEC+ compliance.
CPC said the mooring closures followed an inspection by Russia’s transport watchdog, allowing the company to address “violations”. CPC did not specify the exact nature of these violations nor say how long the closures were expected to last.
It said the inspection was prompted by an oil product spill following the sinking of a Russian tanker in the Kerch Strait in December.
Citing technical outages, Russia has closed the CPC moorings in the past. Operations were suspended in 2022 and 2023 due to damage and storms, interrupting CPC exports and hitting Kazakhstan’s output.
In February, a Ukrainian drone attack struck a pumping station along the pipeline serving the terminal, according to CPC and Russian pipeline monopoly Transneft.
The pipeline had been set to export 1.7 million barrels per day (bpd), or approximately 6.5 million metric tons, in April. It exported more than 63 million metric tons (1.4 million bpd) in 2024.
CPC’s top shareholders are Transneft (24%) and Kazakhstan’s KazMunayGas (19%), while U.S. majors Chevron and Exxon Mobil also hold stakes.
=== Reuters ===
