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Turkey to import record amount of Russian Urals oil

by Lance Luo November 14, 2023 4:26 AM 1 min read
An Urals oil field operated by Lukoil. (Dmitry Beliakov/Bloomberg via Getty Images)
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Turkey is on track to import a record amount of Russian Urals oil this month according to energy traders, Reuters reported Nov. 13.

The market expects Urals oil sales to Turkey to surpass October's 1.4 million tons this month to beat October 2022's all-time peak of 1.43 million tons.

Russia remains a top oil exporter globally despite U.S. and EU sanctions on Moscow’s energy sector.

Ankara has been buying Russian barrels after its biggest oil refinery STAR, owned by Azerbaijan’s SOCAR, reached an agreement with Russia's Lukoil.

India and China, the world’s most populous economies, also continue purchases of Russian energy despite western pressure, with New Dehli remaining the single largest buyer of Urals oil.

Pakistan also resumed purchases of Russian oil and is seeking a long-term deal with Moscow for energy supplies.

Oil prices slide as Russia, Saudi Arabia plan supply boost
Oil prices declined in early trading on Sept. 29 following a recent surge, as profit-taking and the anticipation of increased supply from Russia and Saudi Arabia overshadowed optimistic forecasts of demand, Reuters reported.

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