Turkey, insurers reach deal to end oil tanker logjam
Ankara’s standoff with international insurers, which has created a line of crude oil tankers near the Turkish straits, ends with agreed wording on an insurance letter demanded by Turkey.
The Turkish maritime authority and Western insurers announced a deal Tuesday to end the logjam that left millions of barrels of oil waiting to enter one of the world's most important and narrowest transit routes.
Turkey’s maritime authority said Ankara’s new regulation requiring crude oil tankers to present an insurance confirmation letter before transiting Turkish straits has been accepted by Western insurers.
