Russia’s Dep. Energy Minister: Oil exports via Caspian Pipeline Consortium may fall by up to 1M barrels

“Russian and Kazakhstan oil exports via the Caspian Pipeline Consortium (CPC) may fall by up to 1 million barrels daily due to storm-damaged berths,” Energy Intel reported, citing Pavel Sorokin, Russia’s Deputy Energy Minister. 

The pipeline, shipping around 1.2 million barrels daily, or 1.2% of the global demand for oil, will be offline due to about two months of repair work.