Ukraine hit a key Russian oil hub: why is it important?

A Ukrainian nighttime attack on the port of Novorossiysk temporarily halted about 2% of global oil exports. The strike was one of the largest on Russia’s oil export infrastructure in recent months.

Reuters reports this.

According to the agency, the port of Novorossiysk handles about 2.2 million barrels of oil per day, or about 2% of global supplies. After the attack, the port infrastructure stopped working, and the operator Transneft suspended oil supplies to Novorossiysk.

Reuters notes that the global market immediately reacted to the incident: oil prices rose by about 2% in the first hours after the strike.

It was previously reported that units of the Ukrainian Defense Forces launched a series of strikes on the military and energy infrastructure of the Russian Federation on the night of November 14.

Recall that Russia was able to compensate for the consequences of Ukrainian attacks on oil refining infrastructure by attracting reserve production capacity at its refineries.

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