Kazakhstan suspends oil exports via Novorossiysk after tanker attacks

Kazakhstan has suspended oil exports through the Caspian Pipeline Consortium (CPC) route to the Russian Black Sea port of Novorossiysk until the end of the week, following a series of drone attacks on tankers, Bloomberg reported, citing a source familiar with the matter.

The decision comes after shipowners reportedly grew increasingly reluctant to send vessels to the CPC's offshore loading terminal near Novorossiysk due to heightened security risks.

The disruption is expected to put pressure on Kazakhstan's oil industry, with the country likely to curb crude production because of limited alternative export options.

More than 80% of Kazakhstan's oil exports are transported via the CPC pipeline, making the route critical to the country's energy sector.

The suspension follows a drone strike on the tanker Nelsa while it was loading crude at the CPC terminal on July 20. The attack triggered a fire on board.