Russia's Oil Port Attack, Oil Oversupply, and Asset Sales
Update: 2025-11-14
Description
On November 14th, a Ukrainian drone attack hit Russias Novorossiysk oil port, temporarily halting oil exports. Despite this, oil prices only slightly recovered, with Brent crude oil resetting at $64 per barrel. The International Energy Agency and OPEC now predict an oversupply in 2026, dampening oil bulls enthusiasm. Meanwhile, Carlyle Group is considering buying Lukoils foreign assets, and Colombia plans to sell Ecopetrols US Permian Basin assets. The Trump administration has also made its first purchase for the US Strategic Petroleum Reserve.
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