Russia suspends oil exports at Novorossiysk port after drone attack

The Russian Black Sea port of Novorossiysk has suspended oil exports after an overnight Ukrainian drone attack on 14 November.

Source: Reuters, citing two industry sources

Details: The sources also said that Transneft had halted crude oil deliveries to the port.

Transneft declined to comment.

Background:

• Ukrainian UAVs struck port and oil infrastructure in Russia's Novorossiysk, damaging an oil depot, a container terminal, coastal facilities and a vessel.
• In addition to Russian output, Kazakh oil also passes through Novorossiysk. The port ships more than 2 million barrels of oil per day, amounting to around 5% of global seaborne supplies.
• As of the morning of 14 November, oil prices had risen by roughly 2% amid concerns over supply after drones hit an oil storage facility in the Russian port of Novorossiysk.

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