Supply Disruption From Russia Price Cap Is Here: Tanker Jam Forms Off Turkey

Assessment: Major oil producers will react to an oil price cap by cutting production to force a rise in oil prices much higher than the proposed cap… The EU and G7 price cap on Russian oil went into effect on Monday, but it’s already causing disruptions in global supply chains. The first manifestation comes from Turkey, where the Financial Times reports that a tanker traffic jam is stacking up in Turkish waters and blocking some 18 million

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