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LONDON/MOSCOW, Dec 8 (Reuters) – Azerbaijan’s state oil agency SOCAR has paused purchases of Russian crude oil for its Turkish refinery, trade sources stated, in an indication Western sanctions are beginning to hit regular streams outdoors Europe and the US.
An EU embargo on Russian seaborne crude oil imports took impact Dec. 5 together with a ban on the usage of EU transport providers for the transportation of Russian oil purchased above a Group of Seven (G7) worth cap of $60 a barrel.
Turkish refineries, together with SOCAR’s 214,000 barrel-per-day (bpd) STAR plant, had elevated purchases of Russian crude after Russia’s invasion of Ukraine in late February, a extra profitable commerce for Russian producers than Asia owing to the international locations’ proximity.
Turkey has not joined the value cap settlement, and Russian corporations may promote oil to the nation with out regard to this restriction.
Nevertheless, Russian flows to Turkey started falling final month to their lowest since February, in line with Refinitiv Eikon information, and a supply stated SOCAR was reviewing the state of affairs with the intention to stay compliant with Western sanctions. SOCAR’s Geneva-based buying and selling arm manages crude provides for STAR.
Flows of Russia’s primary export grade Urals to Turkey had been 170,000 bpd in November, down from over 300,000 bpd in every month from August to October, in line with Refinitiv Eikon ship monitoring information.
The STAR refinery took solely 73,000 bpd in November down from 170,000 bpd within the earlier three months, whereas the final parcel for STAR refinery having departed on Nov. 20, the information confirmed.
Reporting by Reuters reporters, Rowena Edwards and Julia Payne in London; Enhancing by Susan Fenton and Grant McCool
Our Requirements: The Thomson Reuters Belief Rules.
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