Ukraine ramps up missile attacks on Russian oil facilities

A major Russian oil export terminal at Novorossiysk caught fire yesterday, following a Ukrainian drone attack, as Kyiv continues its efforts to curb Moscow’s export capabilities.

IMAGE: Flags of Russia and Ukraine. Getty Images

Oil prices felt some upward pressure following the barrage of drones targeted at Novorossiysk and other cities in the Krasnodar region in southwest Russia.

“The Krasnodar region has been under massive attack,” regional governor Veniamin Kondratiev wrote on social media platform Telegram. “The situation is most serious in Novorossiysk,” Kondratiev said.

The attack comes days after Russian port of Ust-Luga resumed oil loadings after several days of suspension due to attacks in the Leningrad region.

Over the weekend, another attack targeting Lukoil’s refinery in Nizhny Novgorod caused a fire, Bloomberg reported. The refinery is one of the country’s largest oil facilities.

Ukraine has stepped up its drone campaign targeting Russian energy facilities to reduce the country’s export revenue, as oil prices surged above $100/bbl for the first time since 2022 amid the Middle East war.

The attacks have disrupted loading operations at major Baltic export hubs, limiting Moscow’s ability to capitalise on higher prices and renewed demand for its crude in key markets such as India.

By Aparupa Mazumder

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