What's Happening?
Russia's Black Sea port of Tuapse has resumed oil product exports following a two-week suspension caused by Ukrainian drone attacks. The local oil refinery, controlled by Rosneft, has restarted processing crude oil. The Gambia-flagged tanker Sandhya departed
Tuapse on November 17 with approximately 30,000 metric tons of gasoil, heading towards the Suez Canal. Another tanker, the Malawi-flagged Satna, loaded a similar amount of gasoil at the Tuapse terminal on November 18. The fuel had been refined in Tuapse before the halt in oil processing and was stored in tanks. The Tuapse refinery, which exports most of its production, resumed oil processing on November 21. It has a processing capacity of 240,000 barrels of oil per day and produces naphtha, fuel oil, vacuum gasoil, and high-sulphur diesel.
Why It's Important?
The resumption of fuel exports from Tuapse is significant for the global oil market, particularly in light of geopolitical tensions affecting supply chains. The suspension had temporarily disrupted the flow of oil products, impacting international trade routes and potentially influencing global oil prices. The restart of operations at the Tuapse refinery, a major export-oriented facility, is crucial for maintaining supply levels and stabilizing market conditions. The situation underscores the vulnerability of energy infrastructure to geopolitical conflicts and the importance of securing supply chains against such disruptions.
