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Ukraine drone threat halts Russia's largest oil terminal
Russia's largest oil export terminal on the Black Sea, Sheshharis, has suspended tanker loadings due to Ukrainian drone attacks. This affects around a fifth of the country's seaborne crude oil exports.
The increasing threat of Ukrainian drone attacks has caused Russia's largest oil export terminal on the Black Sea, Sheshharis, to halt operations. According to Bloomberg, the terminal at Novorossiysk port has not loaded any tankers since Tuesday.
The shutdown is unlikely to have been caused by bad weather. Storm warnings for the region were issued two days after the terminal's last loading.
A fifth of Russian oil exports in limbo
The Sheshharis terminal had been exporting an average of 650,000 barrels per day in the first seven months of the year. With Russia's seaborne crude oil exports running at around 3.6 million barrels per day this year, the disruption at the terminal has halted roughly a fifth of the country's maritime oil shipments.
Kazakhstan oil production also cut
The drone threat also prevented loadings earlier this week at the Caspian Pipeline Consortium (CPC) terminal, which handles about 80% of Kazakhstan's oil exports. As the terminal suspended operations, Kazakhstan began reducing oil production.
Navigational warning issued in the Black Sea
On Thursday, Russian authorities warned all vessels operating in the exclusive economic zone of the Black Sea that the area was unsafe due to the potential threat posed by Ukrainian aerial and naval drones.
This development has also raised concerns for Russia's grain exports. The port of Novorossiysk handles about a third of the country's grain exports and serves as its most critical grain export outlet.
Ukrainian drone attacks are targeting Russia's energy export infrastructure, causing serious disruptions to the country's oil shipments.
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