Ukraine scaled back drone attacks on oil tankers at Russia’s Novorossiysk port following a U.S. government request, according to an August 12 Financial Times report. Washington warned that the strikes destabilized global oil markets.
Chevron maintains a 15% stake in the Caspian Pipeline Consortium (CPC). This infrastructure transports oil from Kazakhstan to the Black Sea for export.
Recent drone attacks caused a 20% decline in CPC oil export volumes during July. Chevron CEO Mike Wirth discussed the need to protect these operations with U.S. administration officials.