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Turkey is stopping oil not under Russian sanctions, raising global energy market supply concerns

2022-12-09 08:48:25       source:CNBC

December 8, 2022

Tankers full of Kazakh oil are tangled in delays traveling through the Bosphorus Strait as a result of Turkey’s new proof of insurance measures for vessels carrying Russian oil now subject to EU sanctions and a G7 nation price cap.

Kazakh oil goes by pipeline through Russia and is loaded onto tankers at the port of Novorossiysk. Officials can track the origin of the oil on the bill of lading.

"It appears that all but one of the roughly twenty loaded crude tankers waiting to cross the straits are carrying Kazakh-origin oil," a price cap official told CNBC. "These cargoes would not be subject to the price cap under any scenario, and there should be no change in the status of their insurance from Kazakh shipments in previous weeks or months," said the official, who was granted anonymity due to the sensitive nature of the geopolitical issues.

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