Novorossiysk Resumes Oil Loadings After Ukrainian Attack

Russia's Novorossiysk port has restarted oil loadings following a two-day halt due to a Ukrainian missile and drone onslaught. The suspension affected major oil exports, briefly destabilizing global prices. Operations have now resumed with two tankers actively loading oil at damaged berths in the region.

Operations at Russia's critical Novorossiysk port resumed on Sunday, following a two-day suspension in the wake of a Ukrainian missile and drone strike, according to two industry sources and data from LSEG.

The temporary halt, which disrupted oil exports equivalent to 2.2 million barrels per day or 2% of global supply, led to a more than 2% rally in global oil prices amid fears of prolonged supply issues.

LSEG data indicates that two tankers, the Suezmax Arlan and Aframax Rodos, are presently loading oil amid damaged oil berths. The assault marks the most severe Ukrainian attack on Russia's primary Black Sea crude export infrastructure to date, highlighting ongoing tensions in the region.

Novorossiysk plays a pivotal role in Russia's crude oil exports, accounting for approximately 20% of the nation's shipments. Prolonged downtime could force the closure of oil wells in West Siberia, affecting global supply.

Despite repeated Ukrainian drone assaults on Russian refineries and pipelines, Novorossiysk's Sheskharis terminal alone has managed to maintain significant throughput, shipping 3.22 million tonnes, or 761,000 barrels a day, in October.

(With inputs from agencies.)