Kazakhstan's oil exports through Black Sea ports have resumed following a brief halt, as Russia's FSB security service begins granting clearance to foreign tankers, reported Reuters, citing four unnamed industry sources.
The exports had been suspended for nearly one day, causing a disruption that affected around 2% of the global oil supply and drove prices to nearly $70 a barrel before gains were pared.
Russian regulations stipulate that foreign ships must obtain approval from the FSB to enter the country's ports.
This requirement follows a new law signed by President Vladimir Putin, which came into effect subsequent to the EU's decision to impose additional sanctions on Russia due to its activities in Ukraine.
Foreign tankers were reportedly temporarily barred from loading at Russia's main Black Sea ports, effectively halting oil exports from Kazakhstan via the Caspian Pipeline Consortium (CPC).
The CPC, which connects Kazakhstan's oilfields with export markets, includes Chevron and ExxonMobil among its shareholders.
Meanwhile, Kazakhstan's Energy Ministry disclosed that pipeline operator KazTransOil was negotiating with the oil terminal owner regarding operations and extra security measures at Russia's Ust-Luga port in the Baltic Sea.
However, the ministry did not provide further details. An industry source familiar with the situation mentioned that the discussions pertained to additional costs for Russian insurance coverage and diver inspections.
For August, Black Sea CPC Blend oil exports from the CPC terminal in Russia were set at 1.66 million barrels per day, roughly 6.5 million tonnes (mt), which is almost the same as the July export plan.
Industry sources anticipate that exports and oil transit via Novorossisk will reach around 2.2mt in July.
The combined supplies from Novorossisk and the CPC terminal account for approximately 2% of global oil supplies.
Kazakhstan’s oil production in the first half of 2025 surged by approximately 11.6% to 49.9mt, compared to the same period in 2024.
Adding to the international oil market's concerns about supply, bp has announced that contaminants were found in some oil tanks at Turkey's BTC Ceyhan terminal.
Despite this, the company confirmed that loading operations were continuing from other reservoirs.
