Reuters: Novorossiysk port resumes oil loading. Work was halted due to Ukrainian attack

The Russian port of Novorossiysk resumed oil loading on November 16. Work was halted for two days due to a Ukrainian combined attack.

Reuters reports this, citing two sources and LSEG ship tracking data.

According to LSEG, two tankers are currently loading oil near the portʼs berths.

Novorossiysk and the nearby Caspian Pipeline Consortium terminal temporarily suspended oil exports, which represent 2.2 million barrels per day, or 2% of global supplies. Global oil prices rose more than 2% on supply concerns after the attack.

The General Staff reported that the attack by Neptune missiles and drones recorded hits on the port infrastructure and the Sheskharis oil terminal, one of the largest oil-loading complexes in southern Russia. The Defense Forces also struck the S-400 anti-aircraft complex with a missile storage facility, causing a detonation and fire.

The strike on Novorossiysk, Russia’s largest export hub on the Black Sea, was Ukraine’s most devastating attack on Russia’s main crude oil export infrastructure in the Black Sea. Novorossiysk accounts for about a fifth of Russia’s crude oil exports. A prolonged shutdown would force costly maintenance of Russia’s oil wells in Western Siberia.

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