US EditionTurkey buys more non-Russian oil after latest Western sanctions: Report
Turkey's refineries cut Russian oil imports by up to 129,000 barrels per day and increase purchases from Iraq, Kazakhstan, and Brazil to comply with Western sanctions.
- Turkey's biggest refiners are shifting to non-Russian suppliers, with SOCAR Turkey Aegean Refinery buying four cargoes for December arrival and Tupras awaiting an Angolan cargo in early November.
- New U.S. restrictions announced on Oct. 22 target Russia's two largest oil firms, Rosneft and Lukoil, extending to six Lukoil subsidiaries and 28 Rosneft enterprises and paving the way for secondary sanctions.
- Purchases of between 77,000 and 129,000 barrels per day have reduced the refinery's Russian intake, while Chinese refiners' cancellations removed roughly 400,000 barrels per day or 45% of China's imports; Urals crude traded at $57.99 per barrel at the end of last week.
- One company plans to phase out Russian crude at one of its two major refineries to keep exporting fuel to Europe, while other buyers have begun shunning Russian crude after new Western sanctions.
- Rosneft and Lukoil together represent a large share of Russian output, complicating supply shifts as China imports more crude than it uses this year and plans 11 new storage sites with 169 million barrels capacity.
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Sanctions have changed oil supply routes
Turkish refiners are now taking measures similar to those of India, a sign of the impact of the efforts of the United States, the European Union and the United Kingdom to restrict Russian oil sales...
Turkey Lowers Oil Purchases From Russia as US Tightens Sanctions
Turkey’s oil refiners have started cutting their purchases of Russian crude after the US sanctioned Moscow’s top two oil producers and are instead seeking extra barrels from nations including Iraq, Libya, Saudi Arabia and Kazakhstan.
Turkey is now one of the most important buyers of Russian oil, but this could change now. Ankara is moving away from Moscow.
Chinese Oil Buyers Reduce Russian Purchases
Chinese refiners are canceling Russian oil cargos and adopting a wait-and-see attitude after the latest U.S. sanctions on Russia’s oil industry. Bloomberg reports, citing traders, that state-owned majors including Sinopec and PetroChina had canceled previously ordered Russian oil cargos, while the so-called teapots, or independent refiners, had stopped buying Russian crude to avoid getting penalized for violating the U.S. sanctions. The publicat…
Turkey's largest oil refining reduces Russian oil purchases and is directed to alternative suppliers, on the basis of the cancellation of the restrictions imposed by the Western sanctions on Moscow exports used for financing...
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