The Caspian Pipeline Consortium’s marine terminal in Novorossiysk suspended oil loadings following a Ukrainian uncrewed surface vessel attack on November 29th, resulting in severe damage to the SPM-2 single point mooring unit. Cargo operations were halted, and tankers were moved out of CPC waters as a result. The attack triggered the shutdown of pipelines, preventing potential oil spills, and environmental monitoring is currently underway. This incident follows previous attacks on the terminal, and contributes to the ongoing disruption of Russian oil export infrastructure.
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Russia’s seaborne crude shipments have plummeted, marking the steepest decline since January 2024, following new US sanctions targeting major exporters and causing key buyers to pause purchases. This has significantly reduced Moscow’s oil revenue, with exports dropping to 3.58 million barrels per day. The sanctions have led to a build-up of Russian oil at sea, as refiners in major importing countries like China and India cancel cargoes and seek alternative suppliers. While some shipments continue, the future of Russian oil exports remains uncertain as buyers navigate the complex sanctions environment.
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Three tankers carrying over 2 million barrels of Russian ESPO crude are idling off the coast of eastern China, unable to unload their cargo. This delay follows the US imposition of new sanctions on major Russian oil companies and associated entities, including ship insurers. The impacted vessels, Huihai Pacific, Mermar, and Olia, were scheduled to offload at Shandong ports but were refused entry following a directive from Shandong Port Group. These actions represent a significant escalation in efforts to restrict Russian oil exports since the Ukraine invasion.
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John Q. Hosedrinker