Drone attacks on The Caspian Pipeline Consortium (CPC) elevated benchmark crude prices earlier this week. CPC is operating the main export route for Kazakh crude to the global markets, and after attacks by seven UAVs has reduced flows to market.
Crude transport from the Chevron operated Tengiz field in Kazakhstan to a terminal near the Russian Black Sea port of Novorossiysk has reduced flow rate due to the biggest CPC pumping station on Russian territory is out of service. Crude from the CPC is mostly exported to Western markets. An estimated reduction of 30- 40% could result in the loss of 400 000 bpd of supply.
Iraq has announced opening of flows of Iraqi- Kurdish crude to the port of Ceyhan. Other bearish announcements, the tariffs by the Trump administration could weigh down oil prices, with higher consumer goods, slower global economy and reduced fuel demand.
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