Russia has temporarily suspended approximately 2% of its global oil supply following a Ukrainian strike on the Sheskharis oil terminal in the southwestern port city of Novorossiysk. The attack occurred on Friday and sparked a large fire at the site, which has since been extinguished. The oil terminal serves as the endpoint for pipelines and is a key hub for Russia’s Black Sea logistics and energy infrastructure.
According to multiple Russian officials and Telegram channels, the strike damaged several coastal facilities and injured three crew members on a civilian vessel located in the port. The Krasnodar Krai operational headquarters reported that the oil terminal had been hit, resulting in the suspension of exports of 2.2 million barrels per day, as reported by Reuters citing industry sources.
Impact on Russia’s Oil Production
Ukrainian strikes have repeatedly targeted Novorossiysk, a crucial location for Russia’s energy infrastructure. Russian oil refineries and petrochemical facilities are considered legitimate military targets by Kyiv, as they help fund Russia’s war on Ukraine. Ukrainian President Volodymyr Zelenskyy stated on social media that Russia’s oil production and refining have declined noticeably this year, resulting in lost oil and gas revenues for the Russian budget.
According to Zelenskyy, Russia is expected to lose at least $37 billion in budget oil and gas income by the end of the year. The strike on Novorossiysk comes as Russia continues to launch waves of drones and missiles at Kyiv, resulting in significant damage and loss of life. In the latest attack, at least six people were killed, and 14 were injured, with several apartment buildings set on fire.
Escalation and Response
The ongoing conflict between Russia and Ukraine continues to escalate, with both sides suffering significant losses. As the situation unfolds, experts are closely monitoring the impact on global oil supplies and the potential consequences for the energy market. For more information on the global oil market, visit the International Energy Agency’s oil market report.
As the conflict continues, it remains to be seen how Russia will respond to the strike on its oil terminal and the ongoing pressure on its energy infrastructure. The international community is watching closely, and the situation is expected to have significant implications for the global economy. The Reuters energy section provides further updates on the developments in the energy sector.
The temporary suspension of Russia’s oil supply is likely to have far-reaching consequences, and the global community will be monitoring the situation closely. As the conflict escalates, it is essential to stay informed about the latest developments and their potential impact on the global economy.
