The Caspian Pipeline Consortium, which moves over 80% of Kazakhstan’s crude exports, is considering a full shutdown after drone strikes targeted tankers near its Black Sea terminal at Novorossiysk. The attacks, occurring around July 19, hit vessels carrying oil from the Tengiz, Kashagan, and Karachaganak fields, forcing the suspension of loadings at key moorings. The consortium, which handles roughly 2% of global oil supply, reported that partial loadings resumed later in July with stabilized exports. This fifth disruption in recent years transforms what was once a tail risk into a structural threat for global oil markets.
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