OVERNIGHT MARKET REVIEW (Dec 09) Oil tankers are experiencing delays passing through the Bosphorus Strait as Turkey introduces new insurance measures for ships carrying Russian oil, currently capped by EU sanctions and G7 price caps.
Kazakh oil passes through Russia via pipelines and is loaded onto tankers at the port of Novorossiysk, where officials can trace the origin of the oil on bills of lading.
“Of the roughly 20 tankers laden with crude oil waiting to cross the strait, all but one appear to be carrying Kazakh oil,” said a price-fixing official. There should be no change in their insurance status compared to Kazakh cargoes in previous weeks or months,” the official said on condition of anonymity due to the sensitivity of the geopolitical issue.
Based on the number of ships, more than 20 million barrels of oil are trapped, worth $1.2 billion.
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