Latest News

Sources say that the Sheskharis terminal in Russia's Black Sea halted loadings following a drone attack.

Two sources with knowledge of the situation said that the?crude oil exports from the?Russian Sheskharis terminal in the Black Sea Port of Novorossiysk had been suspended following a massive drone strike and an fire.

The Black Sea's main oil outlet is the terminal that?loads approximately 700,000 barrels of crude per day. The suspension of the terminal will increase the strain on Russian infrastructure that has been repeatedly targeted.

Sources in the industry say that Russia's main Baltic Ust-Luga Port's oil 'exports' have been suspended since last Monday 'after heavy drone attacks 'and fires.

Sources say that Russia is likely to be forced to reduce its production as storage and supplies fill up, especially when the international demand for Middle Eastern crude oil is high. It could also be doing this to maximize the benefits to its economy from a spike in oil prices caused by the Iran War.

Due to the sensitive nature of the situation, the two sources who are familiar with the situation cannot be named. The port has not yet estimated the extent of the damages, they said.

A Black Sea Terminal attack early in March caused the suspension of loadings for five days.

Novorossiysk Port loads Russian Urals, Kazakh KEBCO oil and sweet Siberian Light crude. Barbara Lewis (Reporting and editing)

(source: Reuters)