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Bosphorus Tanker Jam Remains Unresolved

OIL

A backlog of tankers has continued to build up at either side of Turkey’s Bosphorus with negotiations so far unable to resolve the insurance issue holding up the vessels. The move by Turkey has come in response to sanctions on Russian crude.

  • Twenty six tankers holding more than 23 million barrels of oil from Kazakhstan were unable to pass the Bosphorus and Dardanelles straits as of Wednesday according to Bloomberg vessel tracking.
  • US and UK officials are pushing for Turkey to reconsider the proof-of-insurance requirement, especially given that cargoes from Kazakhstan are not subject to sanctions.

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