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Investing.com -- Ukraine has agreed not to target certain non-Russian oil tankers or infrastructure used to export Kazakhstan’s crude through the Black Sea, Bloomberg reported, citing a U.S. official familiar with the private agreement.
The commitment followed talks between senior U.S. and Ukrainian officials and could help restore oil flows through the Caspian Pipeline Consortium terminal near Novorossiysk, Russia.
Ukraine has established contact points through which commercial shipping companies can share vessel information and arrange safe passage, the official said.
Under the agreement, Kyiv will refrain from attacking CPC infrastructure and vessels travelling to the terminal if they are not sanctioned by Ukraine, do not carry Russian cargo and are not owned by Russian individuals or entities. Ukrainian authorities are also guiding shippers about which vessels could be targeted.
The CPC route normally handles around 2% of global crude supplies and is Kazakhstan’s main oil export channel. European refiners depend heavily on crude shipped from the terminal.
Recent drone attacks near Novorossiysk disrupted loadings and caused some shipowners to avoid the facility. CPC Blend exports are expected to fall by roughly one-third in August, though delayed July cargoes create uncertainty around that estimate.
Commercial vessels chartered by U.S. companies stopped loading during a wave of attacks in the week of July 20. Operations resumed on July 27, but ships at the terminal were struck again two days later.
It remains unclear whether the new safeguards will fully reassure tanker operators. Earlier arrangements intended to protect commercial vessels failed to prevent some ships included on no-target lists from being attacked.
The security risks have driven tanker costs sharply higher. Earnings for vessels carrying CPC crude to the Mediterranean exceeded $400,000 a day on Friday, the highest level recorded for the route by the Baltic Exchange.
Any recovery in Kazakhstan’s exports could ease global supply concerns as the Iran war and restricted traffic through the Strait of Hormuz keep other barrels off the market.
