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OIL
The head of Kazakhstan state company KazMunaiGaz does “not forecast any major problems" with its 1.5mb/d CPC crude export route according to S&P Global. The route carries around 80% of Kazakhstan's crude production.
- The route has operated efficiently despite the recent tensions in the Black Sea thanks to dialogue between US, Russian and Kazakh partners, he added.
- The US has expressed concerns over possible hostilities moving closer to the oil port of Novorossiisk in the Black Sea including reported sightings of floating mines, and attacks on Russian naval assets. The US ambassador last week called for a formal agreement on CPC security.
- Russian energy minister Nikolai Shulginov assured that “any action against energy infrastructure -- oil pipelines or gas pipelines -- is inadmissible."
- Insurance costs for shippers in the region have risen due to the heightened tensions in the Black Sea according to market participants.
Source: S&P Global
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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