Turkey has purchased record volumes of Russian oil
Pakistan, for its part, said it is interested in a long-term oil supply agreement with Moscow
Turkey continued to increase the volume of purchases and the share of Russian Urals oil in the basket of refined grades in the first half of November after reaching an annual maximum in October.
Source. This was reported by Reuters with reference to traders and LSEG data.
This is due to the fact that the Russian Lukoil began supplying Urals to the Turkish STAR refinery, controlled by Azerbaijan's SOCAR, under a new long-term agreement between the companies.
In the period from November 1 to 15, Urals shipments from Russian ports to Turkey will amount to about 800,000 tons, which is 200,000 tons more than in the same period in October, according to LSEG.
Traders expect Urals shipments to Turkey in November to increase compared to October, when the flow of the Russian grade to the country reached an annual maximum of 1.4 million tons, and may update the historical record.
Refiners in India remained the largest buyers of Urals sea cargoes in October, purchasing at least 5 million tons of the grade, according to LSEG.
In November, no shipments to China have yet been noted, but traders expect exports to continue, although they will show a slight decline compared to October due to a reduction in the country's refinery utilization in the fourth quarter.
Urals exports to China in October remained stable at around 500,000 tons, according to the agency's estimates.
In November, Russia resumed oil supplies to Pakistan for the first time since August, with a shipment of 100,000 tons of Urals. In October, Pakistan said it was interested in a long-term oil supply agreement with Moscow.
Background. The US reportedly suspected at least 100 ships of transporting Russian oil above the price ceiling.
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