Posted on 03/22/2022 2:20:53 PM PDT by navysealdad
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. Major global trading houses such as Vitol and Trafigura said on Tuesday they estimated the current Russian oil disruption at 2 million to 3 million bpd and added the world could barely cope with a disruption exceeding 2 million bpd as it would lead to a further price spike and economic recession.
(Excerpt) Read more at whtc.com ...
Interesting coincidence.
Here in the USSA we dont need a storm.
That’s ok, Europe just transitioned off of crude oil last month.
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