Russia's Key Black Sea Port Resumes Crude Exports Following Ukraine-Related Disruption

Russia's Sheskharis Oil Terminal Resumes Operations After Ukrainian Drone Attack

Russia's key Black Sea oil export terminal, targeted by Ukrainian drones over the weekend, has resumed operations. Satellite data indicates that the terminal is now loading crude oil.

According to satellite images provided by Planet Labs PBC, all three crude berths of the Sheskharis terminal at the Black Sea port of Novorossiysk are operational. The images, taken on Monday, show tankers docked at the jetties. This development could bring some relief to global markets, which have been affected by the effective closure of the Strait of Hormuz due to the ongoing Iran conflict.

The Strait of Hormuz plays a crucial role in global oil trade, and its closure has led to increased oil prices. However, the ongoing and stable crude flows from Novorossiysk may help mitigate this impact. Transneft PJSC, Russia's oil-pipeline operator and owner of the Sheskharis terminal, has not commented on the situation.

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Novorossiysk is Russia's largest Black Sea port, with multiple facilities for commodity and general cargo exports. The port has been the target of numerous Ukrainian attacks, with the most recent one occurring on Saturday. Ukraine claimed that its forces targeted the Sheskharis terminal and the Grushovaya storage facility that supplies oil to the terminal. Russian regional emergency services reported that falling drone debris caused a fire at an oil depot in Novorossiysk, with some also falling on the local oil terminal.