The Russian port of Novorossiysk resumed oil exports on November 16 after a suspension in operations caused by Ukrainian missile and drone strikes. This interruption led to an increase in global oil prices by more than 2% due to renewed supply concerns.
Exports resumed after two days of downtime, during which two oil berths in Novorossiysk were damaged, according to Reuters citing industry sources and LSEG data. The port of Novorossiysk accounts for approximately 20% of Russian oil exports, and its prolonged closure could result in significant losses for Russia, which is the second-largest oil exporter in the world. This would force the shutdown of several oil wells in Western Siberia.
The Caspian Pipeline Consortium, which exports oil from Kazakhstan through the Black Sea terminal, resumed its operations on November 14, shortly after a brief suspension caused by the same attack. The supply situation of oil from Russia remains tense amid increasing regional tensions.
| Date | Action | Impact |
|---|---|---|
| November 14 | Suspension of exports from Novorossiysk port | Increase in oil prices |
| November 16 | Resumption of exports | Stabilization of prices |
| November 14 | Resumption of Caspian Consortium operations | Partial alleviation of shortage |
