Russian Deputy Prime Minister Alexander Novak said on Wednesday that oil supplies by the Caspian Pipeline Consortium (CPC), which ships around 1.2 million barrels per day, may be completely stopped for up to two months due to damaged berths at a Black Sea terminal.

Speaking to reporters, Novak also said that the global oil inventories have been declining, while a rise in global oil demand is seen at 4 million barrels per day this year.