Oil price ceiling causes ‘traffic jam’ of ships in the Black Sea

after the European Union and G7 countries approved a cap on spending on oil prices — US$ 60 — authorities are beginning to worry about ship congestion on one of the main trade routes for the product from Asia to Europe.

On Thursday, 8, 16 tankers traveling south from the Black Sea were waiting to cross the Bosphorus Strait into the Sea of ​​Marmara, up five from Tuesday, according to a report by the Tribeca Shipping Agency, based in Istanbul.

If the congestion is not resolved, the global supply could fall and raise prices, that is, the effect will be the opposite of what the G7 and the EU planned, by imposing this sanction on Russia. In addition to trying to reduce the price of the product globally, the two blocs also wanted to reduce the profits of Russia – the main exporter of oil – to invest in the invasion of Ukraine.

In addition to the 16 oil tankers “stuck” in the Black Sea, another nine tankers were waiting to cross the Sea of ​​Marmara southwards through the Dardanelles to the Mediterranean.

With the confusion on Turkey’s waterways, the US and UK governments have begun negotiations with the Turkish government to resolve the growing impasse, as Turkey insists that ships prove they have insurance to cover the new sanctions before allowing let them pass through the straits that connect the Black Sea and the Mediterranean.

“The UK, US and EU are working closely with the Turkish government and the transport and insurance industries to clarify the implementation of the oil price cap and reach a resolution,” according to a Treasury statement. from UK.

Although there is still no shortage, there may be problems in the short and medium term. “This is a very popular route around the world for global trade and specifically for oil,” he told CNN Jorge Leon, senior vice president of oil market analysis at Rystad Energy.

Countries such as Russia, Kazakhstan and Azerbaijan use the Turkish Straits to bring their oil to world oil markets.

The Turkish maritime authority said in a statement that “most of the tankers waiting to cross the strait are EU ships and most of the fuel is destined for EU ports”.

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