Azerbaijan’s SOCAR suspends supplies of Russian oil to Turkish refinery
SOCAR suspended the supply of Russian oil to its plant in Turkey (Photo:REUTERS/Valentyn Ogirenko)
Azerbaijan's state oil company SOCAR has suspended purchases of Russian crude oil for its Turkish refinery, Reuters reported on Dec. 8.
According to the agency's sources, this indicates that Western sanctions are beginning to have an effect outside Europe and the United States.
Turkish refineries, in particular SOCAR's 214,000-barrel-per-day refinery, increased purchases of Russian oil after Russia's invasion of Ukraine in late February. Because of the proximity of the countries, this was a more profitable trade for Russian producers than shipping oil to Asia.
It is noted that Ankara has not joined the agreement to limit the price of Russian oil, which came into force on Dec. 5.
However, Russian flows to Turkey began to fall last month to the lowest level since February.
Flows of Russia's main export crude, Urals, to Turkey stood at 170,000 barrel-per-day in November, down from more than 300,000 barrels-per-day every month from August to October.
According to the source, SOCAR is reviewing the situation so as to stay within Western sanctions.
Earlier, it was reported that after the imposition of price ceiling for Russian oil, a jam of tankers formed off the coast of Turkey.
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