The Caspian Pipeline Consortium, which exports Kazakhstan and Russia's crude oil via the Black Sea to Europe, announced Monday that two of the terminal's three moorings points had been halted.

CPC, which transports about 1% world oil and is a major route for Kazakhstan oil exports, could lose 50% of its capacity by operating only one SPM.

CPC has been in spotlight since

Russia's war on Ukraine

The consortium has closed most of its moorings in 2022, except for one. This is due to severe damage that severely reduced exports along the route.

CPC pipe objects are also

attacked

According to Transneft, the Russian pipeline monopoly and consortium, Ukraine's drones have affected its pumping capability this year.

The closures were a result of an inspection conducted by the Russian Transport Watchdog. This allowed the company to correct the violations identified, though CPC didn't specify what they were.

The inspection was carried out in response to a spill of oil products caused by a tanker accident in the Kerch Strait, on December 15, 2024.

CPC didn't align the suspension of loading from two of three SPMs but stated that they would remain closed until all defects are fixed. CPC said that SPM-3 is the only mooring to be able to load from March 31.

In March, it was reported that the oil exports through the CPC pipeline would be 1.7 million barrels a day (bpd), which is approximately 6.5 millions metric tons in April.

CPC exported more than 63 millions metric tons (1,4 million bpd), of oil via pipeline in 2024.

The CPC's main shareholders are Transneft, the Russian oil pipeline monopoly, KazMunayGas, KazMunayGas, Chevron Caspian Pipeline consortium Company, Lukarco B.V., Mobil Caspian Pipeline Company, and Lukarco B.V.

(source: Reuters)