Novorossiysk port resumes oil exports after Ukrainian attack

The Russian port of Novorossiysk resumed oil exports on Sunday after a two-day pause caused by Ukrainian attacks. According to industry sources and the LSEG data base, tankers are loading at the port again.

The attack on Novorossiysk, which is Russia's largest oil export terminal in the Black Sea, represented the most destructive Ukrainian strike on Russian oil infrastructure to date. The attack caused a temporary halt to oil exports of 2.2 million barrels per day, roughly two per cent of the world's supply.

Novorossiysk accounts for about one-fifth of Russia's oil export capacity. A prolonged suspension of exports through this port would likely force Russia to shut down oil wells in Western Siberia and would also significantly reduce the amount of oil on the world market.

(reuters, sie)