WASHINGTON (Pakistan Point News / Sputnik - 07th December, 2022) The United States is closely monitoring the backlog of oil tanker vessels in Turkey that has been caused by new restrictions that went into effect as part of the collective West's price cap on Russian oil, White House National Economic Council Director Brian Deese said on Tuesday.
"We're closely monitoring the situation but I think it's too early to make any judgments," Deese said during a press gaggle when asked if there is any concern about the backlog having an impact on global oil supply.
The price cap is not expected to have any material impact on the global oil market, Deese added.
On Monday, media reported that some 19 oil tankers were stuck in Turkey's Bosphorus and Dardanelles straits, which link Russia's Black Sea ports to the global oil markets.
The oil shipping disruption occurred after the European Union's price cap plan limiting Russian oil to $60 per barrel went into effect on Monday as part of an effort to limit Moscow's oil revenues and ability to fund its special military operation in Ukraine.
The European Union has prohibited tankers transporting Russian oil from accessing Western maritime insurance unless the oil is sold under the Group of Seven (G7) price cap of $60 per barrel.
