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Ukraine's attack on Novorossiysk raises concerns about global energy markets

May 19, 2024

The Russian port of Novorossiysk, the largest port on the Black Sea, was attacked by a drone at dawn on Friday. As a result, the Shisakharis oil port and the Importpishipprom oil products terminal were hit, and oil shipping operations from the Shisakharis port were temporarily halted.

While shipping operations from the port resumed a short time later, loading operations of petroleum products from the Importbyshipprom terminal remain suspended.

The attack raised concerns in the international community about its repercussions on global energy markets, especially with the intensification of the conflict between Russia and Ukraine. The port of Novorossiysk is a vital gateway for Russian oil exports.

The Novorossiysk attack represents the latest in a series of attacks targeting energy infrastructure in both Russia and Ukraine. Which underscores the seriousness of the conflict on global energy security.