EUROPE BRACES FOR MORE CUTS IN RUSSIAN OIL AND GAS EXPORTS

Reuters – August 22, 2022

• CPC says two of three mooring factors (SPM) suspended
• One SPM can deal with lower than 70% of terminal capability – sources
• Nord Stream 1 gasoline pipeline to endure upkeep
• This content material was produced in Russia the place the regulation restricts protection of Russian navy operations in Ukraine

Europe faces recent disruption to vitality provides because of injury to a pipeline system bringing oil from Kazakhstan by means of Russia that was reported by the pipeline operator on Monday, including to issues over a plunge in gasoline provides.

CPC, which handles about 1% of worldwide oil and whose largest shareholder is Russian pipeline agency Transneft, mentioned exports from two of its three mooring factors at a Black Sea terminal had been suspended, confirming a Reuters report.

The West accuses Russia of proscribing vitality provides to spice up costs in retaliation for sanctions imposed after Moscow’s invasion of Ukraine, which the Kremlin calls a particular navy operation. Russia denies this, blaming Western sanctions themselves and numerous technical issues.

Learn Extra…