NewsTurkey ramps up Russian oil purchases, breaking records amid agreements

Turkey ramps up Russian oil purchases, breaking records amid agreements

Wladimir Putin and Recep Tayyip Erdogan
Wladimir Putin and Recep Tayyip Erdogan
Images source: © Getty Images | Contributor
ed. PRC

11:36 AM EST, November 14, 2023

Turkey is increasing its oil purchases from Russia due to an agreement reached between its largest refinery, STAR, owned by Azerbaijan's SOCAR, and Russia's Lukoil. Commodity deliveries in November have surpassed the record levels of the previous year.

Market analysis predicts that the sales of Urals oil to Turkey will surpass 1.54 million tons in November, thereby breaking the record set in October 2022 of 1.57 million tons, as reported by the Kyiv Independent portal on Tuesday.

Despite the sanctions imposed by the United States and the European Union on Moscow's energy sector, Russia remains the world's leading oil exporter.

After reaching an agreement with Russian Lukoil, Ankara, home to Azerbaijan's SOCAR-owned STAR, has boosted its purchases of Russian oil.

India and China Remain Steady Customers

The world's two most populous countries, India and China, continue to buy Russian energy despite pressure from the West. New Delhi remains the largest single recipient of Urals oil.

Resuming its purchases of Russian oil, Pakistan is also actively seeking a long-term agreement with Moscow for energy supplies.

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