Russian court lifts suspension for Caspian oil pipeline operations - Fined $3,300

A court in southern Russia on Monday overturned an earlier ruling suspending Caspian Pipeline Consortium's (CPC) operations and instead fined it 200,000 roubles ($3,300), easing concerns about a global oil supply crunch.

All that drama for a $3,300 fine?! and some people try to tell me this isn't all about politics?! OK pal.

U.S. oil majors Chevron and Exxon are among the consortium's largest shareholders.

The pipeline exported up to 54 million tonnes, or some 1.2 million barrels per day, of Kazakhstan's main crude grade, light sour CPC Blend BFO-CPC, last year from the Black Sea.

I'm not suggesting for a second that this is why crude is off the best part of 1% today, that's renewed China Covid fear for you, but it certainly gives those sitting on the offer more ammo.