Alarms in the oil market: Russia warns of sharp Caspian pipeline oil export drop after storm

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% 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.

The pipeline plays a very important role on the international energy scene because it supplies more than 80% of Kazakhstan's oil production to different countries, including the US, China, Spain, Turkey, France and Italy.

The company said it decided to "temporarily remove the mobile dock unit from service for cleaning and repair." "The timely detection of the fault made it possible to eliminate the risk of oil leaking into the Black Sea," the consortium stressed, adding that it plans to carry out additional inspections of the equipment of units 1 and 2 and, based on the results, will determine if necessary carry out preventive maintenance.
-
#Черномортранснефть