Russia's FSB security service has started handing out clearance for foreign tankers to access the Black Sea ports, allowing for Kazakhstan's oil exports to resume after they were halted for nearly a day, four industry sources said on Thursday.
The suspension led to the disruption of around 2% of global supply and drove international oil prices to almost $70 a barrel on Thursday before they pared gains.
Russian regulations mean foreign ships require the approval of Russia's FSB security service to access the country's ports.
The new law was signed by President Vladimir Putin on Monday and came into effect after a decision by the European Union at the end of last week to impose further sanctions on Russia over its actions in Ukraine.
Two industry sources said on Wednesday foreign tankers were being temporarily barred from loading at Russia's main Black Sea ports.
That effectively halted oil exports from Kazakhstan via the Caspian Pipeline Consortium that connects Kazakhstan's oil fields with export markets. Shareholders of the CPC include U.S. majors Chevron and ExxonMobil.
None of the source Reuters spoke to could be named because they were not authorised to speak publicly.
Kazakhstan's energy ministry said the country's pipeline operator KazTransOil was in talks with the oil terminal owner over operations and additional security measures in the Russian Baltic Sea's port of Ust-Luga.
The ministry did not elaborate. An industry source, familiar with the matter, said the talks related to the additional costs for the Russian insurance coverage and divers' inspections.
Black Sea CPC Blend oil exports from the CPC terminal in Russia were set at 1.66 million barrels per day for August, or about 6.5 million metric tons, almost unchanged from the July export plan, Reuters reported last week.
Exports and oil transit via Novorossisk are expected to be around 2.2 million metric tons in July, according to industry sources. Supplies from Novorossisk and the CPC terminal together account for around 2% of global oil supplies.
Adding to nervousness on international oil markets about supplies, BP BP.L said on Thursday that contaminants were detected in some of the oil tanks at Turkey's BTC Ceyhan terminal. It said however that loadings continued from other reservoirs.
(Reuters)
