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OilOil prices settled more than 2% higher on Friday as Russia's port of Novorossiisk halted oil exports following a Ukrainian drone attack that hit an oil depot in the Russian energy hub, stoking supply concerns.Brent crude futures settled at $64.39, while US West Texas Intermediate (WTI) crude finished at $60.09. For the week, Brent rose by 1.2% and WTI rose by 0.6%.**media[381904]**The Russian port of Novorossiisk paused oil exports, equivalent to 2.2mn barrels per day, or 2% of global supply, and oil pipeline monopoly Transneft suspended crude supplies to the outlet.Ukraine on Friday said it separately struck an oil refinery in Russia's Saratov region and a fuel storage facility in nearby Engels overnight.Investors are assessing how recent attacks impact long-term Russian supply while watching how Western sanctions affect the country’s oil output and trade flows.GasAsian spot LNG prices were flat for a second consecutive week, as steady supplies of contracted cargoes and overall weak demand across the region outweighed modest spot market interest.The average LNG price for December delivery into northeast Asia held at $11.10 per million British thermal units (mmBtu), industry sources estimated.Current price levels are still too expensive for most price sensitive buyers, but minor supportive news came from Indonesia and Egypt that signalled higher domestic demand, adding a bit of tightness to the current circumstances.**media[381905]**In Europe, the Dutch TTF price settled at $10.56 per mmBtu, recording a weekly loss of 0.1%. Gas prices were under bearish pressure as oversupply, weak Asian demand, high freight rates, and strong US liquefaction kept cargoes in the Atlantic basin.This article was supplied by the Abdullah bin Hamad Al-Attiyah International Foundation for Energy and Sustainable Development.

Ukraine drones hit Russia's Orenburg gas processing plantGas from Karachaganak is being processed at the Orenburg plantShell, Eni, Chevron are among Karachaganak stakeholdersA Ukrainian drone attack on Russia's Orenburg gas plant has forced neighbouring Kazakhstan to reduce production at its Karachaganak oil and gas condensate field by 25% to 30%, two industry sources told Reuters on Monday.One of the world's largest gas processing plants, Orenburg was forced to suspend its intake of gas from Kazakhstan after the attack, Kazakhstan's energy ministry said on Sunday.Ukraine confirmed it hit a gas plant in the Orenburg region, some 1,700 kilometres east of the Russian border with Ukraine, and an oil refinery in the Samara region.Kyiv has stepped up its attacks on Russian refineries and other energy facilities since August to try to disrupt fuel supplies and deprive Moscow of funding.Output at Karachaganak on Monday was down to between 25,000 metric tons (196,500 barrels per day) and 28,000 metric tons from the usual level of 35,000-35,500, according to two sources who spoke on condition of anonymity due to the sensitivity of the situation.They said Orenburg, which is controlled by gas producer Gazprom, might resume some gas intake from Karachaganak on Monday. However, they declined to say when normal levels of supply would be restored.Oil and gas output at Karachaganak are closely linked, meaning the field is not able to produce much oil if its gas production is down.Apart from processing at Orenburg, Karachaganak gas is used for re-injection to maintain reservoir pressure as well as for power generation at local facilities.Karachaganak produced around 263,000 bpd of oil in 2024. It is exported by the Caspian Pipeline Consortium via a Russian Black Sea terminal, as well as through Russia's Druzhba pipeline to Germany.The field is operated by a consortium which includes US major Chevron (18%) and European energy firms Shell (29.25%) and Eni (29.25%).Russia's Lukoil (13.5%) and local firm KazMunayGaz (10%) also hold stakes.The consortium, Gazprom, and Kazakhstan's energy ministry did not reply to requests for comment.Kazakh authorities agreed with Karachaganak shareholders in 2024 to build a new gas processing plant at the field with annual capacity of up to 4 billion cubic metres, expected to start operations in 2028.However, the project has been suspended under the current consortium, and the government is seeking new investors, aiming to attract Kazakh companies.Industry sources has said that oil and gas condensate production at Karachaganak declined in September by 24% from August to 200,000 bpd amid maintenance at the Orenburg plant.

Russian authorities announced that two people were injured in a Ukrainian missile attack on the city of Belgorod in western Russia. Belgorod Regional Governor Vyacheslav Gladkov said via Telegram that two civilians were injured in a missile attack on Belgorod.A man was hit by shrapnel in the stomach, and a woman is also believed to be injured. He warned of possible delays in missile and drone attack alerts.The attack caused a major disruption to electricity supplies, and efforts are underway to convert vital infrastructure to back up generation.Reports and information from both countries regarding field data conflict is impossible to verify from independent sources, given the ongoing war and fighting since February 2022.

Six people were injured in a Russian drone attack on the Ukrainian capital, Kyiv, the Ukrainian news agency (Ukrainform) reported Sunday. Kyiv Mayor Vitali Klitschko said the overnight attack left five people hospitalized, while one woman received treatment at the scene. More than three years since the war broke out, the Russia-Ukraine conflict continues with no signs of de-escalation.