Oil shipments from Russia’s Black Sea port of Novorossiysk have resumed, energy officials in Kazakhstan said on Monday, just days after a Ukrainian air attack damaged terminal infrastructure in the area.
Kazakhstan’s Energy Minister Erlan Akkenzhenov told journalists that “all operations” at the Sheskharis oil transshipment complex were restored, according to the Interfax news agency. Novorossiysk serves as a critical gateway for crude exports from both Russia and Kazakhstan.
On Friday, a Ukrainian drone and missile attack caused fires and damage to two oil terminals at the port, with some observers calling it the most significant Ukrainian attack on Russia’s main Black Sea crude export infrastructure to date.
Novorossiysk is Russia’s largest Black Sea crude export hub, handling about 20% of the country’s oil exports. The temporary suspension of export shipments after Friday’s attack caused a 2% hike in global oil prices amid concerns of prolonged supply disruptions.
On Sunday, Reuters reported that Novorossiysk had resumed oil loadings, with two tankers loading crude at the port’s terminals at the time.
Global oil prices dipped slightly on Monday amid news of operations being restored at Novorossiysk. Analysts told Reuters that investors were assessing the long-term impacts of the Ukrainian attacks on Russia’s crude exports.
Akkenzhenov told journalists on Monday that oil from Kazakhstan had largely continued to flow into the port despite the attack.
“Pumping was halted for just a few hours before resuming. Almost all recovery work has now been completed,” Interfax quoted him as saying.
Kremlin spokesman Dmitry Peskov said Monday that Moscow has the resources to quickly address the impacts of Ukrainian attacks on Novorossiysk and resume exports.
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