FINWIRES · TerminalLIVE
FINWIRES

Market Chatter: Caspian Pipeline Consortium Stops Receiving Kazakh Oil Amid Attacks on Oil Tankers

By

The Caspian Pipeline Consortium, which operates a major oil pipeline along the Caspian Sea, has stopped receiving oil from Kazakhstan after it suspended loadings at its Black Sea export terminal on Monday, following attacks on oil tankers, Reuters reported Tuesday, citing three industry sources.

According to two of the sources, the consortium's oil reservoirs at the terminal were full, as Russia accused Ukraine of targeting CPC tankers in its bid to "further destabilise the situation on global oil markets."

Chevron (CVX), which owns a 15% stake in the pipeline, told Reuters that it was monitoring the situation closely, and that the safety and security of its personnel remained its top priority.

Meanwhile, the CPC, which accounts for 80% of Kazakhstan's oil exports and 2% of global oil volumes, did not respond to' request for a comment on this story.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Related Articles

Commodities

Weatherford Q2 Results Highlight Global Contract Wins, Sees Stronger H2

Weatherford International (WFRD) reported Tuesday its Q2 results, highlighting several global contract awards, an agreement to acquire NCS Multistage and an improving second-half outlook despite continued geopolitical headwinds.Weatherford secured managed pressure drilling contracts from Noble Corporation (NE) in Nigeria and Constellation Oil Services, Ventura Offshore and Valaris (VAL) in Brazil. The Valaris award covers two years.The company also won a three-year, 247-well integrated drilling services contract from Petroleum Development Oman, a five-year framework agreement with Chevron (CVX) in Australia, a 22-month contract with PTTEP Thailand, and two five-year contracts from Kuwait Oil.The company also agreed to acquire NCS Multistage, expecting at least $15 million in annual cost savings within 18 months of closing.Management said H2 2026 margins should improve despite ongoing uncertainty in the Middle East, although it expects activity to recover gradually as regional stability returns.Weatherford also expects its proposed redomestication to Delaware to deliver $20 million to $30 million in annual cash savings beginning in 2027, subject to shareholder approval.Drilling and evaluation segment revenue declined to $291 million for the quarter ended June 30, compared with $335 million a year earlier, while well construction and completions revenue decreased to $433 million from $456 million.

$CVX$NE$VAL$WFRD
Commodities

US Crude Oil Inventories Rise, API Says

Data from the American Petroleum Institute revealed Tuesday that US crude oil inventories increased by 2.603 million barrels in the week ended July 17, following a 564,000-barrel draw the previous week, and compared with analysts' estimate of a 1.5-mmbbl decline according to a Bloomberg-compiled survey.The oil market now awaits the US Energy Information Administration's petroleum inventory report, scheduled for release on Wednesday.

Commodities

Range Resources Posts Slight Production Growth in Q2

Range Resources (RRC) reported on Tuesday a total average production of 2.30 billion cubic feet of gas equivalent per day in Q1, compared with 2.20 Bcfe a year ago.The total production comprised 118,113 barrels of natural gas liquids, 6,475 bbls of oil and 1.55 billion cubic feet of natural gas.That compares with 110,209 bbls of NGLs, 6,382 bbls of oil and 1.50 Bcf of natural gas in the same period last year.During the quarter, Range drilled about 190,000 lateral feet across 11 wells and turned over about 300,000 feet across 21 wells, the natural gas exploration and production firm said.The Texas-based company reaffirmed its 2026 annual production guidance of 2.35 to 2.40 Bcfe per day, with liquids expected to remain above 30% of the total production mix.

$RRC