SEATTLE (Oil Monster): Exports of crude oil from Russia's Sheskharis terminal in the Black Sea port of Novorossiysk have been suspended following a massive drone attack and a fire.
According to Ukrinform, Reuters reported this citing two informed sources.
The Sheskharis terminal, which typically loads about 700,000 barrels of oil per day, is a key export hub for Russian crude in the Black Sea. Its shutdown is expected to increase pressure on Russia's infrastructure, which has repeatedly been targeted by attacks, the report says.
Sources said the port has not yet assessed the full extent of the damage. A previous attack on the Sheskharis terminal in early March led to a five-day suspension of loading.
The port of Novorossiysk handles shipments of Russia's Urals crude, Kazakhstan's KEBCO blend, as well as Siberian Light crude.
According to Reuters sources, oil exports from Russia's main Baltic port of Ust-Luga have also been suspended since last week following powerful drone strikes and fires.
Russia may be forced to cut production as stockpiles build up and storage facilities fill, despite strong international demand for alternatives to Middle Eastern oil, which could otherwise allow Russia to maximize economic gains from rising oil prices driven by the war in Iran, the sources noted.
As Ukrinform previously reported, on the night of April 6, Ukraine's Defense Forces struck oil infrastructure at the Sheskharis terminal in Russia's Krasnodar region.
The General Staff of the Armed Forces of Ukraine confirmed that on March 2, the oil terminal and a naval base in Novorossiysk were hit.
Sheskharis is the endpoint of the main oil pipelines of Russia's Transneft and a key hub for exporting Urals crude via the Black Sea.
Courtesy: www.ukrinform.net
