“Critical” Damage At CPC Terminal Could Take 1 Million Bpd Offline

Crude oil exports from the CPC terminal off the coast of Russia’s Black Sea have been halted completely after sustaining “critical” damage, the head of CPC has said, according to Reuters. According to Russian Deputy Prime Minister Alexander Novak, The Caspian Pipeline Consortium’s oil supplies may be stopped for as long as two months while repairs are made. The disruption in crude oil exports was the result of major storm damage and continuing bad weather. The CPC pipeline transports between 1.2 million and 1.4 million barrels…