Oil tanker jam forms in Turkey as Russian oil price cap disrupts markets

6 December 2022
An oil tanker traffic jam has formed in Turkey following the EU’s introduction of a price cap on global Russian crude supplies, the Financial Times reported on December 5, with Turkish authorities demanding new proof of full insurance coverage.

DMEA: Kenyan insurer exits Ugandan oil pipeline consortium

6 December 2022
Nairobi-listed Britam Holdings has withdrawn from a consortium of East African insurers providing coverage for the EACOP pipeline, saying the project does not meet its backers’ standards.

AfrOil: ExxonMobil reportedly preparing to exit Equatorial Guinea

6 December 2022
ExxonMobil has reportedly started ramping down oil production at Block B, located offshore Equatorial Guinea, and aims to exit the country once its licence for the site expires in 2026.

MOSCOW BLOG: Oil embargo day

5 December 2022
The EU’s oil embargo on importing Russian oil comes into effect today. The blanket ban on seaborne oil deliveries is softened by the oil price cap scheme, so that the EU can import oil from Russia provided it costs less than $60.

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