Russia Resumes Black Sea Oil Exports Amid Global Market Tensions
Russia's FSB has reinstated clearance for foreign tankers at Black Sea ports, resuming Kazakhstan's oil exports after a brief halt due to sanctions, disrupting global supply. Tensions persist as stakeholders navigate new regulatory and security challenges in the region.
Russia's FSB security service has resumed granting clearance for foreign tankers to access Black Sea ports, facilitating the continuation of Kazakhstan's oil exports after a temporary suspension. The halt had briefly disrupted 2% of the global oil supply, causing prices to spike close to $70 per barrel.
The suspension was a result of new regulations signed by President Vladimir Putin, prompted by the European Union's latest sanctions on Russia. Industry insiders revealed that foreign tankers were briefly prohibited from loading at major Russian Black Sea ports, effectively stopping oil exports via the Caspian Pipeline Consortium.
Kazakhstan's energy ministry is currently in discussions with pipeline operators to address operational and security concerns at the Baltic Sea's port of Ust-Luga. Meanwhile, BP reported contaminants in oil tanks at Turkey's BTC Ceyhan terminal, underscoring ongoing global market anxieties.
(With inputs from agencies.)
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