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Oil Traders in Panic After Russia Order to Halt CPC Terminal

  • Azeri Light and other sweet crude prices soared on supply woes
  • Europe to face supply shortages if CPC, Libya flows are absent
Oil Tanker hp social generic
Photographer: Marcelo del Pozo/Bloomberg

A Russian court order to halt oil loadings from a port in the Black Sea has unnerved European crude traders already reeling from the tightest regional market in years, sending prices for competing barrels spiraling.

On Tuesday, a Russian court ordered a 30-day stoppage of the CPC Terminal, through which more than 30 million barrels of mostly Kazakh crude gets exported each month. It said the halt is because the facility violated its oil-spill prevention plan.