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| Workers arrange oil barrels at a factory in Chennai, India. (Source: AFP) |
Traders expect Urals deliveries to Türkiye to exceed 1.4 million tonnes in October and break the record of 1.43 million tonnes from October 2022.
Türkiye is importing the most cheap Russian oil since its largest refinery, STAR, is owned by Azerbaijani company SOCAR.
In the first half of November, Urals oil exports to Türkiye are expected to reach 800,000 tons, a figure that is expected to increase as more tankers are heading to the country's ports.
India remained the main customer for Urals oil cargoes loaded at Russian ports in October, importing at least 5 million tonnes of the grade, according to LSEG data.
Meanwhile, according to traders, no Urals oil cargoes were shipped in November to China, where Urals oil imports totaled 500,000 tonnes last month.
Russia's energy export revenues reached 1.63 trillion rubles ($17.7 billion) in October - an 18-month high.
* The US Treasury Department has sent a notice to ship owners asking them to provide information on 100 oil tankers that the US government suspects are violating Western sanctions on Russian oil.
One of the companies that received the notice is based in Türkiye, according to the source.
The letters sent to companies in 30 countries are the biggest since Russia imposed a price cap on oil, Reuters reported.
The US Treasury Department declined to comment on this information.
A ministry spokesperson said that while the ministry does not confirm or comment on investigations or actions taken, it “remains committed to enforcing the price cap and reducing Russian resources.”
The European Union (EU), the United States, other G7 countries and Australia have agreed to cap the price of Russian seaborne oil at $60 per barrel in 2022. The measure will take effect on December 5, 2022.
Media reports say sanctions have prompted the emergence of a “black fleet” – old ships carrying oil for Russia.
Neil Roberts, head of marine and aviation insurance at Lloyd's of London, said the tankers "operate outside the dollar system and undermine Western efforts".
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