Turkey maintains additional vessels checks as Bosphorus waiting times increase
Quantum Commodity Intelligence - Turkey confirmed Wednesday it is requesting additional proof of insurance from tankers loaded with Russian crude oil after EU sanctions and the G7 price cap started this week.
But a Turkish official denied that the measure was slowing the passage of oil ships to world markets through the Bosphorus and Dardanelle straits, according to an AFP report.
Russia has reportedly assembled a so-called 'shadow fleet' of more than 100 tankers to try and circumvent western restrictions on its oil exports, which may operate without insurance or backed by providers from outside the west.
This has caused concerns in Ankara that sub-standard vessels or insurance may pose a threat to Turkey's coastline, hence the additional checks on documentation.
The TankerTracker.com industry monitor said early Wednesday that Russian seaborne crude oil exports had halved in the past 48 hours.
Separately, Kazakhstan's Ministry of Energy said Wednesday the waiting period for oil tankers in the Turkish straits is currently six days, noting it was normal for the time of year for delays to increase.
"The waiting time in the Bosphorus and Dardanelles is six days at present. This is normal for the winter season; the waiting period in December of the last year was about fourteen days," the Ministry said.
Weather-related delays are normal at this point in the year, sources told Quantum.
Kazak crude
Various reports indicated that the majority of over 20 vessels caught up in the backlog are carrying Kazak oil loaded from Russia but the ministry said, "there is no such information," on the number of ships carrying Kazak oil.
Crude from Kazakhstan is not impacted by the price cap, but it has raised concerns over creating a potential loophole with exports loaded from the Russian port of Novorossiysk.
Meanwhile, TASS reported Moscow's official response to the price cap will follow once the analysis of the situation is complete, Russian presidential spokesman Dmitry Peskov told reporters on Wednesday.
"An analysis of the situation in this area continues. After the final decision is made, it will be presented in written form," he said.
Deputy Prime Minister Alexander Novak said earlier that the introduction of a price cap on Russian oil will only lead to an even greater increase in fuel prices due to a shortage of supply.
"We do not accept the mechanisms that have been adopted - limiting prices artificially," he said. "This can only lead to a global decline in investment, a future shortage of relevant resources. This, in turn, will lead to an even greater increase in prices," Novak added.
