Russian and Kazakhstan oil exports via the Caspian Pipeline Consortium (CPC) from the Black Sea may fall by up to 1 million barrels per day (bpd), or 1 percent of global oil production, due to storm-damaged berths, a Russian official said on Tuesday. Pavel Sorokin, a deputy energy minister, said the second berth could also turn out to be damaged after initial information about one of the three being damaged by a storm. Sorokin said the maintenance could take up to two months, which could lead to exports falling by up to 1 million bpd. A storm in Russia’s section of the Black Sea has damaged loading equipment of CPC, one of the world’s biggest oil pipelines, which ships crude from Kazakhstan to global markets, its operator said earlier on Tuesday. The CPC pipeline has been in the spotlight since Russia’s invasion of Ukraine, which has restricted Russian exports and …
Russia Warns of Sharp Caspian Pipeline Oil Export Drop After Storm
March 24, 2022
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