Russian and Kazakhstan oil exports via the Caspian Pipeline Consortium from the Black Sea may fall by up to 1 million barrels per day , or 1per cent of global oil production, due to storm-damaged berths, a Russian official said on Tuesday.
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. Most of the oil in the pipeline belongs to Russia, Kazakhstan and international oil majors such as Chevron. It exports oil from Russia's Black Sea port of Novorossiisk.
"Due to the weather anomaly, CPC facilities were damaged... There is risk that is also damaged," he said in a video posted by the Energy Ministry.