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2025-11-03 20:51:02
[Turkish Refiners Accelerate "De-Russian" Transformation, Changing the Global Crude Oil Trade Landscape] ⑴ Following US sanctions against Rosneft and Lukoil, Turkish refiners have initiated plans to reduce their purchases of Russian crude oil, impacting December's supply arrangements. ⑵ Turkish listed refiners Tupras and Azerbaijan's state-owned oil company Socar are actively seeking alternative sources, having already purchased multiple shipments of non-Russian crude oil from Iraq, Libya, Saudi Arabia, and Kazakhstan. ⑶ As Russia's third-largest buyer of crude oil, Turkey, under pressure from US sanctions, has decided to join the Western camp, using purchase restrictions to pressure Russia. However, sources emphasize that the country currently has neither the ability nor the intention to completely stop importing Russian oil. ⑷ This adjustment will reshape the flow of crude oil trade in the Black Sea region, potentially pushing up Middle Eastern and Caspian crude oil premiums in the short term, while Russia will need to find new buyers for its existing export share.
