Black Sea Oil Shipping Insurance Costs Surge to $2.5 Million

Insurance costs for ships transporting oil across the Black Sea have surged from approximately $200,000 to $2.5 million per vessel in recent months, increasing crude transportation costs and putting additional pressure on fuel prices in Bulgaria, according to the manager overseeing Lukoil's operations in the country, local media reported. Evgeni Simeonov, Lukoil's special commercial manager in Bul