Russian Court Orders Halt to Caspian Oil Pipeline But Exports Still Flow

Any major disruption to the CPC would put further strain on the global oil market which is facing one of its the worst supply crunches since the Arab oil embargo in the 1970s.

Reuters

Caspian Pipeline Consortium (CPC), which takes oil from Kazakhstan to the Black Sea via one of the world's largest pipelines, has been told by a Russian court to suspend activity for 30 days, although exports were still flowing.

Tengizchevroil, the operator of Kazakhstan's largest oilfield Tengiz, said oil supplies via the CPC pipeline have not been interrupted. 

Tengizchevroil, in which Chevron holds a 50% stake, said that it has sought clarification from the CPC on details and next steps after the ruling.

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