Putin says Caspian pipeline “impossible to restore quickly”

Oil prices could rise on the latest comments from Putin, who said the latest attack on the Caspian Pipeline Consortium is “impossible to restore quickly” because western equipment was damaged.

The pipeline moves Kazakhstan oil to world markets and has been reduced by 30-40% after a drone attack at a pumping station in southern Russia. A 30% decline would represent as much as 380k bpd.

It’s not a big surprise after Novak yesterday said repairs could take several months.

WTI rose yesterday and is up 73-cents to $72.58 today.

This article was written by Adam Button at www.forexlive.com.