Bosphorus Delays Hitting Kazakh Crude

Tanker disruptions around the Bosphorus Strait are the result of a new Turkish insurance rate and not because of the price cap on Russian oil according to a G7 official speaking with Reuters.

• Of the 20 loaded crude oil tankers facing delays in the region, all but one appears to be carrying Kazakh - not Russian - origin oil and would not be subject to the price cap "under any scenario," the official said.
• "There should be no change in the status of their insurance from Kazakh shipments in previous weeks or months," the official added.
• "The price cap policy does not require ships to seek unique insurance guarantees for each individual voyage, as required under Turkey's rule," the official said. "These disruptions are the result of Turkey's rule, not the price cap policy."