The largest oil refineries in Turkey have begun purchasing more non-Russian crude in response to the latest Western sanctions against Moscow, Reuters reports, citing sources familiar with the situation.<\/p>\n
Turkey, India, and China have been buying nearly all the crude oil exported by Russia. Seaborne shipments to China this year have remained at about 1\u20131.5 million barrels per day, to India \u2014 1.2\u20131.8 million barrels per day, and to Turkey \u2014 around 300,000 barrels per day. The fourth buyer is Syria, though its imports are minimal \u2014 around 35,000 barrels per day, according to Bloomberg estimates.<\/p>\n
Turkish refineries are now taking steps similar to those of Chinese and Indian processors, indicating that the U.S., EU, and UK sanctions campaign is having an impact on limiting Russian oil sales.<\/p>\n
In addition, Chinese refiners are cutting back on imports of Russian crude due to sanctions imposed by the Donald Trump administration, which have targeted Rosneft and Lukoil, Bloomberg notes.<\/p>\n
Chinese state-owned companies Sinopec and PetroChina have already canceled a series of planned purchases of Russian crude and continue to stay away from such deals. They have been joined by several smaller private refiners that fear falling under sanctions, as happened with Shandong Yulong Petrochemical.<\/p>\n
The \u201cbuyer strike\u201d has affected nearly 45% of Russia\u2019s oil exports to China, according to Rystad Energy. The ESPO crude grade, exported from Russia\u2019s Far East, has been hit particularly hard, causing its prices to fall.<\/p>\n
Due to the U.S. sanctions targeting Russia\u2019s two largest oil producers, several Indian refineries \u2014 including Mangalore Refinery and Petrochemicals, HPCL-Mittal Energy, and Reliance Industries \u2014 have also suspended purchases of Russian oil. However, the country\u2019s largest refiner, Indian Oil, resumed imports of the Urals grade after a brief pause, buying from companies not directly under sanctions.<\/p>\n
Meanwhile, similar issues have emerged in the Turkish market. According to sources, one of Turkey\u2019s biggest refineries, SOCAR Turkey Aegean Refinery, owned by Azerbaijan\u2019s SOCAR, recently purchased four cargoes of crude from Iraq, Kazakhstan, and other non-Russian suppliers for delivery in December.<\/p>\n
From January to October, Turkey imported about 669,000 barrels of crude per day, 47% of which came from Russia.<\/p>\n
At the same time, following OPEC+\u2019s announcement that it would halt production growth next year, oil prices have begun to rise.<\/p>\n","protected":false},"featured_media":150529,"menu_order":0,"template":"","newscat":[9],"newstag":[],"issues":[],"class_list":["post-150528","news","type-news","status-publish","has-post-thumbnail","hentry","newscat-novosti"],"_links":{"self":[{"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/news\/150528","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/types\/news"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/media\/150529"}],"wp:attachment":[{"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/media?parent=150528"}],"wp:term":[{"taxonomy":"newscat","embeddable":true,"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/newscat?post=150528"},{"taxonomy":"newstag","embeddable":true,"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/newstag?post=150528"},{"taxonomy":"issues","embeddable":true,"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/issues?post=150528"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}