Crude oil loadings from Turkey’s Baku-Tbilisi-Ceyhan terminal in the Mediterranean have been suspended, following earthquakes that devastated Turkey and Syria.
Sanctions imposed on Russian crude oil have so far have “failed completely” and new price caps could prove immaterial as well, analysts told CNBC.
Tankers shipping Russian oil face new Turkish insurance rules and delays which will worsen with a ‘shadow fleet’ of Chinese and Indian refiners likely buyers.
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