Novorossiysk port resumes oil loadings after drone attacks

Russian crude oil exports have seen a significant decline, reaching their lowest levels since late April. This downturn follows five consecutive weeks of decreasing shipments, driven by actual and threatened drone attacks in the Black Sea.

Following a drone attack on the Sheskharis oil terminal in Novorossiysk, the port temporarily suspended crude oil loadings. However, operations have begun to resume, with reports indicating that a Suezmax tanker has started loading Kazakh KEBCO crude. The port is a vital hub for both Russian Urals and Siberian Light varieties, as well as Kazakhstani oil exported via the Caspian Pipeline Consortium.

Data shows that in the four weeks leading up to August 16, exports dropped to 3.58 million barrels per day. The disruption highlights the increasing vulnerability of Russian energy infrastructure to Ukrainian drone strikes. Additionally, Russian crude production fell to 8.89 million barrels per day last month, the lowest level in six years according to secondary source estimates.