Crude oil exports from the Russian terminals on the Black Sea were much lower in November than originally planned as bad weather and Ukrainian attacks on infrastructure have delayed loadings and departures, Reuters reported on Thursday, quoting sources in the industry.
Both the port of Novorossiysk and the CPC terminal loading most of Kazakhstan’s crude have been hit by drone attacks in recent weeks, with damaged infrastructure delaying loadings of the Russian grades Urals and Siberian Light, as well as Kazakhstan Export Blend Crude Oil (KEBCO).
Severe storms have also pushed back some loadings scheduled for November into December, according to Reuters’ sources.
Novorossiysk and the CPC terminal were scheduled to load as much as 3.2 million tons of Urals, Siberian Light, and KEBCO last month, but actual shipments out of the two ports were just about 2.5 million tons, the sources said.
The port of Novorossiysk on the Black Sea suspended oil exports for a few days in the middle of November, following a major Ukrainian attack on the port.
The port of Novorossiysk is a key export outlet of crude from Russia and Kazakhstan, and a major wheat export hub.
Ukrainian forces have increasingly targeted Russian oil-refining, storage, and export infrastructure using drones and missiles. The campaign has gained intensity in recent months, with the Center for European Policy Analysis noting a shift in strategy “from smaller-scale strikes on storage tanks to targeting hard-to-replace refinery equipment, like cracking units, much of it western-made and subject to sanctions.”
At the end of November, the CPC terminal was hit by another attack, and although loadings continue, cargoes have been pushed by several days.
Caspian Pipeline Consortium (CPC) operates the pipeline from the Caspian coast in northwest Kazakhstan to the Novorossiysk port, which handles most of Kazakhstan’s crude exports from giant oilfields in Kazakhstan operated by international oil firms, including U.S. supermajor Chevron.
By Charles Kennedy for Oilprice.com
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