Black Sea Oil Exports Stumble as Drone Attacks Silence Sheskharis

Sheskharis handled approximately 650,000 barrels per day during the first half of the year. Its silence compounds the impact of the CPC terminal suspension, which typically manages over 80% of Kazakhstan’s crude exports. The resulting upstream pressure is immediate; production at Chevron’s Tengiz field dropped by more than half this week as storage facilities reached capacity and pipeline flows were choked off.

Ukraine has widened its drone campaign beyond refineries, now targeting commercial shipping and export infrastructure across the Black Sea and the Sea of Azov. In response, Russia declared its economic zone hazardous for navigation. With global strategic reserves depleted and commercial stocks at low levels, the market has little room to maneuver. Brent crude prices surged past $100 as the region shifts from a source of supply to a point of failure, leaving global energy markets increasingly vulnerable to ongoing security threats.