Russia's FSB Resumes Foreign Tanker Access Black Sea, Easing Kazakhstan Oil Export Disruption

Russia's Federal Security Service (FSB) has resumed issuing permits for foreign tankers to access Black Sea ports, allowing Kazakhstan's crude oil exports to continue after a brief suspension caused by new Russian regulations requiring FSB approval for foreign vessels. This regulatory change, signed into law by President Vladimir Putin, initially disrupted oil shipments through the key port of Novorossiysk, which handles over 80% of Kazakhstan's oil exports via the Caspian Pipeline Consortium (CPC), involving major Western companies like Chevron and ExxonMobil. Although the suspension briefly affected more than 2% of global oil supply and caused market concerns, Kazakhstan’s Energy Ministry confirmed that its crude oil shipments through Russian ports have not been suspended, and loading operations have since resumed. The new rules were introduced amid heightened geopolitical tensions and recent EU sanctions on Russia, which also lowered the price cap on Russian oil, while the U.S. administration threatened further sanctions to pressure Russia over the war in Ukraine. Despite these challenges, Kazakhstan remains committed to the OPEC+ alliance, aiming to stabilize the oil market while increasing production. The ongoing situation highlights the strategic importance of Russian port infrastructure for Kazakhstan's landlocked oil exports and the broader implications for global energy markets.