Source: Bloomberg
Russia is threatening to use oil from neighboring Kazakhstan as a weapon against European countries supporting Ukraine. A court order this month to close the export terminal on the Black Sea for a month is a clear warning to Europe of Russia’s leverage.
On Tuesday, a Russian judge in the town of Novorossiysk on the Black Sea coast ordered the Caspian Pipeline Consortium to halt shipments for 30 days. Suspension of operations was sought as punishment for a number of “documentary violations” under CPC’s Oil Spill Response Plan, which the company had been given until the end of November to rectify.
Source: Bloomberg
Although the facility is in Russia, about 90% of the crude that passes through it comes from Kazakhstan. That makes it an ideal weapon in President Vladimir Putin’s arsenal to inflict economic pain on his tormentors. Halting CPC will remove as much as 1.5 million barrels a day of much-needed crude from the global oil market, while barely denting Russia’s own flows.
Stuart Turley is President and CEO of Sandstone Group, a top energy data, and finance consultancy working with companies all throughout the energy value chain. Sandstone helps both small and large-cap energy companies to develop customized applications and manage data workflows/integration throughout the entire business. With experience in implementing enterprise networks, supercomputers, and cellular tower solutions, Sandstone has become a trusted source and advisor in this space. Stuart has led the “Total Corporate Digital Integration” platform at Sandstone and works with Sandstone clients to help integrate all aspects of modern digital business. He is also the Executive Publisher of www.energynewsbeat.com, the best source for 24/7 energy news coverage and is the Co-Host of the energy news video and Podcast Energy News Beat.
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Stuart is guided by over 30 years of business management experience, having successfully built and help sell multiple small and medium businesses while consulting for numerous Fortune 500 companies. He holds a B.A in Business Administration from Oklahoma State and an MBA from Oklahoma City University.