April 7 (Reuters) - Crude oil exports from Russia's Sheskharis terminal in the Black Sea port of Novorossiysk were suspended after a massive drone attack and a fire, two sources familiar with the
Russia Halts Black Sea Sheskharis Oil Exports After Drone Attack and Fire
Suspension of Oil Exports and Impact on Russian Infrastructure
Sheskharis Terminal Attack and Export Suspension
April 7 (Reuters) - Crude oil exports from Russia's Sheskharis terminal in the Black Sea port of Novorossiysk were suspended after a massive drone attack and a fire, two sources familiar with the matter said on Tuesday.
Significance of the Sheskharis Terminal
The terminal, which typically loads 700,000 barrels per day of crude, is Russia's major oil outlet in the Black Sea. Its suspension will add to the strain on Russian infrastructure, which has been repeatedly attacked.
Wider Disruptions to Russian Oil Exports
Suspension at Baltic Ust-Luga Port
Russia's major Baltic Ust-Luga port's oil exports have also been suspended since last week after heavy drone strikes and fires, industry sources said.
Potential Output Cuts and Global Oil Market Implications
Sources have told Reuters that Russia will be forced to cut its output as supplies build up and storage fills, when international demand for alternatives to Middle Eastern crude is high and it could be maximising the benefit to its economy of a surge in oil prices caused by the Iran war.
Uncertainty Over Damage Assessment
The two sources familiar with the situation could not be named because of the sensitivity of the issue. They said the port had yet to estimate the extent of the damage.
Previous Attacks and Terminal Operations
History of Attacks on the Black Sea Terminal
An attack on the Black Sea terminal early in March led to the suspension of loadings for five days.
Types of Oil Handled at Novorossiysk Port
Novorossiysk port loads Russian Urals and Kazakh KEBCO oil as well as sweet Siberian Light crude.
(Reporting by Reuters; editing by Barbara Lewis)
