Caspian Pipeline Consortium halts oil loadings due to storm

The oil terminal of the Caspian Pipeline Consortium on Russia’s Black Sea coast and the nearby Novorossiysk oil terminal temporarily stopped crude loadings because of the storm, their operators said Monday.

Russia’s oil-pipeline operator Transneft PJSC that runs the Novorossiysk facility said loadings may resume temporarily on Tuesday if the weather improves in the storm that’s expected to last most of this week.

With crude reservoirs at the terminal nearly full, the CPC has been accepting oil from producers at a reduced rate.