Russia is throttling capacity on a major pipeline that sends crude oil to global markets, driving prices higher and raising fears that Moscow was prepared to retaliate against western sanctions by curbing its own energy supplies.

Up to 1mn barrels a day of oil shipped through the Caspian Pipeline Consortium’s pipeline from central Asia to the Black Sea could be cut for up to two months while repairs are made to storm-damaged loading facilities, Russia’s deputy energy minister said in a statement on Tuesday carried by the news agency Tass…

The total pipeline capacity is about 1.4mn b/d of oil — about 2.5 per cent of global seaborne oil trade — and accounts for around two-thirds of Kazakhstan’s oil exports, making it a vital artery for the country’s economy.

CPC said in a statement that “current market conditions”, an apparent reference to recent western sanctions, would make it harder to fix parts of the port loading facilities damaged during a recent storm, meaning that shipments could be cut by two-thirds.