Resilience at Sea: Novorossiysk Oil Loadings Resume Post-Attack

Novorossiysk port in Russia restarted oil loadings after a two-day halt caused by a Ukrainian attack. The suspension impacted global oil prices due to the terminal's significant export capacity. Despite damages, operations have resumed, showcasing resilience at this key Black Sea hub crucial for Russian oil exports.

Russia's pivotal Novorossiysk port has recommenced oil loadings following a temporary two-day suspension, caused by a Ukrainian missile and drone offensive, industry insiders and LSEG data reveal.

On Friday, oil exports from Novorossiysk and its adjacent Caspian Pipeline Consortium facility were put on hold, impacting 2.2 million barrels daily—roughly 2% of the global supply. This prompted a more than 2% surge in global oil prices due to looming supply concerns.

Industry sources, under anonymity, confirmed to Reuters that operations have resumed. The recent attack significantly damaged two crucial berths at this strategic Black Sea export hub, marking the most severe Ukrainian offensive on the infrastructure to date.

(With inputs from agencies.)