Turkey’s Oil Tanker Backlog Is Starting to Clear
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A backlog of tankers waiting to haul oil through Turkey’s vital shipping straits is clearing, offering evidence that authorities in Ankara have resolved a spat with the insurance industry that arose following sanctions on Russia.
Tankers able to haul in excess of 15 million barrels of crude have navigated either the Bosphorus or Dardanelles shipping straits since Saturday, according to tanker tracking data compiled by Bloomberg. Those flows were somewhat impeded by poor weather at the weekend, but conditions were more favorable on Monday morning, according to information from local port agents.