Russian court orders halt to key oil pipeline

STORY: A Russian court has ordered a halt to a key pipeline.

The Caspian Pipeline Consortium brings oil from Kazakhstan to the Black Sea.

It handles about 1% of global oil, including product for U.S. majors Chevron and Exxon.

Now a Russian court has ordered it to suspend operations for 30 days.

CPC says Moscow has instructed regulators to inspect its part of the consortium.

It said the inspection has found some irregularities regarding plans for tackling oil spills.

Any interruption to supplies will fuel global jitters over oil prices.

The pipeline has been in the spotlight since the conflict began in Ukraine.

Washington has imposed sanctions on Russian exports, but said that shipments from Kazakhstan via Russia should continue uninterrupted.

On Wednesday (July 6), one Kazakh oilfield operator said supplies were still flowing.

CPC said it had put in an appeal, seeking suspension of the court order.

Last year it exported some 1.2 million barrels per day of Kazakhstan’s main grade of crude.