Ukraine attacks major Russian oil port, but loadings have not stopped completely

US oil giant Chevron has said that oil loadings from its facility continue at the Russian terminal in Novorossiysk despite an attack by a Ukrainian sea drone.

Source: Reuters

Details: The attack on the Caspian Pipeline Consortium (CPC) terminal, which handles more than 1% of global oil supplies, came as Ukraine had stepped up its military operations in the Black Sea and struck two oil tankers heading for Novorossiysk.

Ukraine has been attacking Russian oil refineries for several months, using long-range drones to hit targets deep into Russian territory.

On 29 November, CPC, whose shareholders include companies from Russia, Kazakhstan and the US, said that one of the three loading terminals in Novorossiysk had been damaged and operations there had been halted.

Two terminals are normally used for loading, with one kept in reserve.

Research consultancy Energy Aspects said that drone attacks cut CPC exports by half.

Quote: "The full CPC port closure yesterday was precautionary and SPM 1 may have been restarted or will do so soon. Satellite images show a vessel berthing SPM 1 today."

More details: Before the attack, industry sources had told Reuters that exports of Black Sea CPC Blend crude in December were expected to rise to 1.7 million barrels per day from about 1.45 million barrels per day in November.

Background:

• The Caspian Pipeline Consortium's (CPC) marine terminal in Novorossiysk has suspended oil loadings after an attack by Ukrainian uncrewed surface vessels on the morning of 29 November.
• Kazakhstan has called on Ukraine to stop attacking CPC's Black Sea terminal in Russia's Novorossiysk, which handles more than 1% of global oil supplies, after a series of drone strikes halted exports and seriously damaged loading infrastructure.

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