Russia’s Black Sea port of Novorossiysk has temporarily halted oil exports, which amount to 2.2 million barrels per day or 2% of global supply, following a reported drone attack believed to be from Ukraine. This incident is one of the largest recent attacks on Russia’s oil infrastructure, coinciding with Ukraine’s increased strikes on Russian oil facilities aimed at undermining financing for the war. As a result of the attack, global oil prices rose by over 2% due to concerns about supply.
Ukrainian President Volodymyr Zelenskiy announced that Ukraine had successfully launched long-range “Long Neptune” cruise missiles at unspecified targets in Russia, enhancing their attack capabilities. Russian oil transportation company Transneft has also ceased supplies to Novorossiysk due to the situation. The Caspian Pipeline Consortium briefly suspended oil loading from a neighboring terminal but resumed once the air alert was lifted, planning to export 1.45 million barrels daily in October.
Debris from the drones reportedly fell on a local grain terminal, and the attack caused damage to a docked ship, residential buildings, and an oil depot, injuring three crew members. A transport group noted that a container terminal continued operations despite some debris landing there. A British maritime security firm reported damage to a crane and containers, with no crew injuries reported because they took shelter.
In terms of oil exports, Novorossiysk has handled significant shipments recently, including 3.22 million tonnes of crude oil in October. The Ukrainian attack specifically damaged two oil berths, with reports of an oil tanker being struck. Local officials indicated that emergency responders worked to handle the aftermath, extinguishing fires and assisting residents. Details on overall damage remain unverified.
With information from Reuters