Petrol prices experienced a decline after Russia's export port opened.

Decline in Petrol Prices

Petrol prices began to decline during the Asian session on Monday as loading resumed at Russia's critical export port of Novorossiysk. This situation reversed the positive price fluctuations recorded last week.

Market Data

Brent crude futures are trading at 63.75 dollars, down 64 cents. Meanwhile, U.S. crude oil (WTI) prices also fell 66 cents, dropping to 59.43 dollars.

Supply Disruptions and Renewal

Last week, supply disruptions at Novorossiysk and the neighboring terminal operated by the Caspian Pipeline Consortium supported a price rally exceeding 2%. However, it has been confirmed by industry sources and LSEG data that loading operations at Novorossiysk have resumed, indicating that short-term supply pressure is easing.

Challenges Facing the Market

The market continues to face complex signals. Ukraine continues its attacks on Russian oil infrastructure, targeting the Ryazan refinery on Saturday. On the other hand, the excessive supply perception created by production decisions made by OPEC+ is putting pressure on the market.

Impact of Sanctions

Western sanctions targeting Russian oil companies such as Lukoil and Rosneft are expected to deepen after November 21. U.S. officials are considering legislation aimed at punishing countries that do business with Russia.