Latest news with #CaspianPipelineConsortium
Yahoo
12-05-2025
- Business
- Yahoo
Oil Prices Rally on Trade Talk Breakthrough
Oil prices surged Monday morning after the US and China agreed to cut tariffs as part of a temporary trade truce. West Texas Intermediate and Brent Crude both experienced significant percentage increases following the announcement of the trade agreement. While the tariff reduction is seen as a positive step for the oil market, analysts warn that lasting impacts depend on broader US policies toward China. 1m ago 9:50am CST Black Sea CPC Blend oil exports through the Caspian Pipeline Consortium (CPC) are projected to decline to 1.5 million barrels per day (bpd), or roughly 6 million metric tons, in May, down 6% from April's 1.6 million bpd, according to industry sources. The drop, calculated by Reuters, reflects a slight reduction in daily shipments despite May having one more day than April. The CPC, which handles over 80% of Kazakhstan's oil exports from fields like Tengiz to the Yuzhnaya Ozereyevka terminal near Novorossiisk, remains a critical artery for global oil supply. Kazakhstan's energy ministry reiterated its adherence to OPEC+ production quotas on Tuesday, emphasizing efforts to stabilize global energy markets. This follows tensions over the country's prior overproduction, particularly from the Chevron-led Tengiz field. The ministry's statement aligns with ongoing pressure from OPEC+ members, including Saudi Arabia, for compliance. The CPC's export reduction may signal Kazakhstan's move to curb output, though challenges persist in aligning major Western operators like Chevron and ExxonMobil, key CPC shareholders, with these commitments. 1m ago - 9:50am CST 26m ago 9:24am CST As oil prices maintain their upward momentum, U.S. House Republicans have introduced a Budget Reconciliation Bill that allocates $1.321 billion to replenish the Strategic Petroleum Reserve (SPR) and $218 million for storage facility maintenance. The legislation, fulfilling a key pledge by President Donald Trump, also repeals the SPR drawdown mandate and redirects $6.5 billion from unspent climate initiatives, including environmental grants, to prioritize energy security. 'This bill strengthens our energy reserves while reversing wasteful spending,' said Congressman Brett Guthrie (KY-02) in a recent op-ed. The move addresses the SPR's depletion after the Biden administration released over 180 million barrels since 2021 to counter high gasoline prices. The refill plan is seen as critical to stabilizing U.S. markets against potential global supply shocks, though some analysts question the timing given elevated crude prices. The energy sector remains in focus as investors weigh the bill's implications alongside ongoing U.S.-China trade developments. 26m ago - 9:24am CST 36m ago 9:14am CST In case you're just joining us, here are some of the key developments in what has been a very eventful morning in oil markets and beyond: US-China Tariff Agreement: The US and China agreed to reduce tariffs on each other's goods for 90 days, de-escalating trade tensions. US tariffs on Chinese imports have been cut from 145% to 30%, and Chinese tariffs on US goods have been reduced from 125% to 10%. US Markets Surge: The S&P 500 opened 2.9% higher, while the tech-heavy Nasdaq climbed 4.1% following the US-China tariff agreement. US markets are now trading at levels similar to the start of the year, marking a major recovery since the imposition of Trump's "Liberation Day" tariffs in April. Broader Market Impact: The announcement sent the US dollar up 1.2% against a basket of global currencies, while oil prices initially surged by nearly 4% before falling back slightly. European and Asian markets also posted gains, reflecting optimism over the deal. Political Response: President Trump declared the agreement a "total reset with China," marking it as a key achievement of his administration. Analysts noted that the tariff reductions were larger than expected, though the remaining 30% US tariff is still seen as high. Analyst Commentary: ING's Chris Turner called the concessions "earlier and larger" than anticipated, while Capital Economics calculated that overall US tariffs on China would average around 40%, with Chinese tariffs on US goods dropping to about 25%. 36m ago - 9:14am CST 40m ago 9:10am CST The momentum sparked by the U.S.-China tariff reduction agreement fueled gains across the energy sector, with major oil companies posting significant advances. Marathon Petroleum led the pack, surging 5.73%, followed closely by ConocoPhillips at 5.63%. Chevron saw a solid 3.09% increase, while BP gained 2.32%. European majors also joined the rally, with Equinor up 1.52%, Shell rising 1.16%, and TotalEnergies edging higher by 0.85%. The tariff truce, which reins in elevated duties for 90 days, has bolstered market confidence in stronger oil demand, driving share prices of energy firms. Equity markets mirrored the upbeat sentiment, with Dow futures jumping in early trading. Analysts now eye key resistance levels for oil, with WTI approaching $65 and Brent nearing $69. While the tariff suspension offers a short-term boost, experts warn that sustained optimism hinges on the outcome of future discussions led by U.S. Treasury Secretary Scott Bessent, USTR Jamieson Greer, and China's Vice Premier He Lifeng. For now, markets are riding a wave of relief, but uncertainties linger over the longevity of this détente. 40m ago - 9:10am CST 42m ago 9:08am CST The S&P 500 surged 2.9% at the open on Monday after the U.S. and China agreed to slash tariffs for 90 days, signaling a temporary de-escalation in their trade war. The tech-heavy Nasdaq also jumped 4.1% following the agreement, which came after weekend negotiations in Geneva. The deal will see the U.S. reducing tariffs on Chinese goods imposed during President Trump's second term from 145% to 30%, while China will lower retaliatory duties on U.S. imports from 125% to 10%. The announcement boosted the U.S. dollar by 1.2% against a basket of currencies, and Brent crude oil prices rose 3.2% to $65.96 per barrel. Analysts described the tariff reductions as unexpectedly early and significant, with Chris Turner from ING highlighting the larger-than-anticipated concessions. Capital Economics estimated that, after the agreement, total U.S. tariffs on China would average around 40%, while Chinese tariffs on U.S. goods would be about 25%. 42m ago - 9:08am CST 47m ago 9:03am CST Oil prices rallied sharply on Monday morning following a breakthrough in U.S.-China trade talks, alleviating fears of escalating trade tensions and boosting hopes for global economic growth. As of 10:00 CST, West Texas Intermediate (WTI) Crude climbed 3.24% to $63.00 per barrel, while Brent Crude, the global benchmark, rose 3.02% to $65.84 per barrel. The surge came after the White House announced that both nations agreed to slash tariffs by 15%, maintaining a 10% baseline rate for 90 days, as part of a temporary truce to foster further negotiations. The agreement, reached during weekend talks in Geneva, signals a potential de-escalation in the trade war that has rattled markets and clouded the outlook for oil demand. 'This tariff reduction is a positive step for pro-cyclical assets like oil, as it eases concerns about a demand slowdown,' said Maria Cortez, senior energy analyst at Global Markets Insights. However, she cautioned that the market's enthusiasm could wane if broader U.S. policies toward China remain unchanged. 47m ago - 9:03am CST Read this article on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Al Arabiya
09-04-2025
- Business
- Al Arabiya
Caspian Pipeline Consortium operates at two of three Black Sea oil loading points
The Caspian Pipeline Consortium is operating at two of the three moorings at its Black Sea export terminal after a Russian court lifted restrictions on its infrastructure, it said on Wednesday, easing worries about a drop in Kazakh oil output and exports. The CPC usually utilizes two of its three moorings, keeping one as a backup. It said it will give further information later about a resumption of operations at its third mooring, Single Point Mooring-2 (SPM-2). A source close to the CPC said the restrictions on one of the moorings still put a strain on its operations and exports. The court ruled on Friday that the CPC's terminal facilities should not be suspended, overturning a decision by the transport watchdog to halt two of three moorings after a snap inspection related to a massive fuel spill in December. The resumption of loading from one of the moorings will help avert a potential fall in Kazakhstan's oil production and supplies via the CPC, which accounts for around 80 percent of the country's oil exports. Expected Black Sea CPC Blend oil exports for April were still revised down to 1.6 million barrels per day, or 6.2 million metric tons, from 1.7 million bpd in the preliminary plan, according to two industry sources. The decline in loading is due to a fall in Russian oil exports via the CPC, the sources said, as there will be no supplies from the oil depot in the Krasnodar region, where there was a large fire in March after a drone attack. The CPC has been in the spotlight since the start of Russia's war in Ukraine. The consortium closed all but one of its mooring points several times in 2022 due to damage, severely cutting exports via the route. The pipeline is a major oil export route for Kazakhstan, which - due mainly to rising production from the giant Chevron-led Tengiz oilfield - has been breaching export quotas within the OPEC+ producer group, which includes OPEC and Russia. On Thursday, OPEC+ decided to raise output ahead of schedule, signaling the group was confident non-compliant members would reduce output in the coming weeks.
Reuters
04-04-2025
- Business
- Reuters
Russian court rules not to stop Caspian pipeline's oil exports terminal, CPC says
MOSCOW, April 4 (Reuters) - The Caspian Pipeline Consortium said on Friday that a Russian court had fined it 200,000 roubles ($2,370) over oil transhipment irregularities, but had ruled that the Black Sea's exports terminal facilities should not be suspended. ($1 = 84.4000 roubles)
Yahoo
25-03-2025
- Business
- Yahoo
An oil pumping station in Russia burned for a week after a drone strike. The company says it's affected shareholders.
A Russian oil pumping station was ablaze a week after a drone strike. The Caspian Pipeline Consortium accused Ukraine of a "terrorist" attack on it. It said oil transfer is halted and its shareholders are being impacted. An oil pumping station in Russia that was targeted by a suspected Ukrainian drone strike was still on fire a week later, with its parent company saying that the losses were hitting its shareholders. The Kavkazskaya pump station, in Russia's Krasnodar Krai, was struck in an overnight attack that began on March 18. The station is part of the Caspian Pipeline Consortium, which lists multiple oil producers among its partners, including Chevron-led Tengizchevroil. CPC said the site pumped about 1.5 million tons of crude oil in 2024. Authorities initially said that drone debris hit a pipeline, starting a 215-square-ft blaze that quickly spread. According to Russian reports, the fire expanded dramatically within a matter of days. The fire was finally extinguished on Tuesday after spreading up to 100,000 square feet, the region's governor, Veniamin Kondratiev, said. CPC accused Ukraine of a "terrorist" attack and said that, combined with an earlier strike on another pumping station, it's had a "destructive impact on the CPC financials," which will "impact all of its shareholders." The pipeline is a major oil export route for Kazakhstan, with state-owned KazMunaiGaz holding a 19% share. The Russian government, which holds 24%, is the consortium's largest shareholder. The station will not be transporting oil "in the foreseeable future," the company said. However, Sally Jones, a spokesperson for Chevron, told Business Insider in a statement that Tengizchevroil's production and export of crude oil via the CPC "remain uninterrupted." Ukraine has used strikes on Russian oil and gas infrastructure as part of its response to Russia's full-scale invasion. The latest energy infrastructure damage came amid President Donald Trump's attempts to mediate a cease-fire between Russia and Ukraine. Russian reports said that the initial fire started a chain reaction involving an explosion and an oil spill that ignited, with more than 450 firefighters deployed to tackle it. NASA's satellite-powered FIRMS fire-tracking tool appeared to show that what had been a single hot spot at the site on March 19 had expanded out to three large areas as of early Tuesday. The fire was the latest in a series of attacks on CPC facilities. The consortium said that Russian air defenses repelled an overnight drone attack on the same site on Monday. Meanwhile, on February 17, CPC said a nearby pumping station, Kropotkinskaya, was attacked "by seven UAVs loaded with explosives and shrapnel," which reduced its output. Read the original article on Business Insider
Yahoo
25-03-2025
- Business
- Yahoo
Fire at southern Russian oil depot extinguished after nearly a week, governor says
MOSCOW (Reuters) - A fire at an oil depot in southern Russia's Krasnodar region after a suspected Ukrainian drone attack has been extinguished nearly a week after it started, region governor Veniamin Kondratiev said on Tuesday. The Kavkazskaya depot is located only a few kilometres from the Kropotkinskaya pumping station of the Caspian Pipeline Consortium (CPC), which was also hit by a drone last month, sparking fears of a drop in oil supplies in global markets. The depot is key for Russia's oil exports via the CPC, which mainly transports Kazakhstan's oil exports. Kondratiev said on the Telegram messaging app that two reservoirs at the facility were completely burnt out. More than 470 firefighters tackled the blaze, he added. The oil complex includes a railway loading rack and a pipeline to the Kropotkinskaya pumping station. Suppliers delivered at least 130,000 metric tons of oil per month via Kavkazskaya last year, CPC says, with volumes totalling around 1.51 million tons for the year as a whole.
