Business & FinanceEnergy
01 March 2023, 4:01 pm. 1 minute
Reuters exclusively reported that supplies of Russian flagship Urals crude oil to Turkey reached a four-month high in February after STAR refinery, owned by Azerbaijan’s oil firm SOCAR, resumed purchases of the blend. Sea-borne Russian oil supplies are subject to an embargo by the European Union and the price is capped by the West to $60 per barrel over Moscow’s actions in Ukraine.
Increase in Urals crude supplies to Turkey will likely bolster the price of the Russian blend, making India and China, which already saw record-high oil imports from Russia, compete for the Russian oil volumes with Turkey.
Topics of Interest: Business & FinanceEnergy
Type: Reuters Best
Sectors: Commodities & Energy
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Important Regional Story