Chevron confirms oil shipments continue at Russia's Black Sea port despite Ukrainian drone attack, causing damage to critical infrastructure. The attack on the Caspian Pipeline Consortium (CPC) terminal, which handles over 1% of global oil, has led to a significant reduction in exports. Analysts estimate that CPC exports have been halved, impacting Kazakhstan's oil sales. The attack comes as Ukraine intensifies its military operations in the Black Sea, targeting Russian oil refineries and oil tankers. The CPC, a consortium of Russian, Kazakh, and U.S. shareholders, initially reported a halt in operations due to damaged mooring points. However, Russian media reported that oil loadings resumed via one of the damaged mooring points, while repairs continue on the other. The attack has caused a 40% reduction in intake from producers, with limited storage capacity. Industry sources predicted a rise in Black Sea CPC Blend oil exports to 1.7 million barrels per day in December before the attack. Kazakhstan has protested Ukraine's strikes, while Ukraine argues its actions are aimed at repelling Russian aggression. The Kremlin has labeled the attack on CPC infrastructure as 'egregious' due to its international significance. The situation highlights the ongoing tensions and potential impact on global oil markets.
