offshore drilling rig on body of water

Oil companies must reduce exports from Kazakhstan due to equipment damage

The Caspian Pipeline Association (CPC) has said that oil giants such as ExxonMobil and Chevron will have to curtail their Kazakh oil exports through Russia because equipment has been damaged.

CPC, which transports crude oil from Kazakhstan to world markets via Russia and handles about 1% of the world’s crude oil, reports that oil exports from 2 of the 3 crude oil terminals in the Black Sea have been suspended.

Over the past six months, the CPC has made several cuts in oil exports amid tensions between the West and Russia.

Russia has also cut gas exports to the European Union (EU), which has been worried about its energy supply this winter.

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