Oil prices surge
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Ukrainian attack halts oil exports from Russia's Novo, affecting 2% of global supply, sources say
Russia's Black Sea port of Novorossiysk temporarily suspended oil exports - equivalent to 2.2 million barrels per day, or 2% of global supply - on Friday, according to industry sources, after a Ukrainian missile and drone attack.
Last month, the US sanctioned Russia’s two largest oil producers, prompting some buyers in Asia to say they’d scale back purchases. But it’s difficult to know what buying curtailments are really happening as tankers wait until the last moment to reveal where they’re headed.
Russia's key Black Sea port of Novorossiysk suspended oil and wheat exports after a major Ukrainian drone attack, causing global crude prices to jump on supply disruption fears.
Russia's revenues from crude oil and refined products fell again in October due to lower export volumes and weaker prices, the International Energy Agency said on Thursday, adding that Russian oil exports have been holding up so far.
Russia’s security service has claimed it foiled a plot by Ukraine to assassinate a high-ranking Kremlin official inside Russia as the alleged target visited a graveyard.
The International Energy Agency said there’s “considerable downside risk” to its outlook for Russian crude production from US sanctions, but held back from estimating the impact until it sees more details on enforcement.
French Armed Forces Minister Catherine Vautrin on Friday reaffirmed Paris’ long-term support for Ukraine and urged stronger European action against Russia’s sanctions-evading “shadow fleet.” “We will continue to support Ukraine for as long as necessary,” she said at a joint news conference in Berlin.
Russia and Kazakhstan have agreed to boost their partnership in the oil sector following talks between their respective presidents in the Kremlin on Wednesday. Landlocked Kazakhstan is heavily reliant on Russia as a route for its energy exports,