Overview
- SOCAR’s STAR refinery bought four December cargoes from Iraq, Kazakhstan and other suppliers, equal to roughly 77,000–129,000 barrels per day, curbing a recent intake that was almost entirely Russian.
- Tupras is stepping up purchases of non‑Russian grades such as Iraqi crude, and sources say it is likely to stop using Russian barrels at one refinery to keep fuel exports to Europe compliant with incoming EU rules.
- Chinese state refiners canceled Russian shipments and many independent plants paused buying, with around 400,000 barrels per day — about 45% of China’s Russian imports — affected and ESPO prices dropping.
- India shows a mixed response as Bharat Petroleum bought Emirati Upper Zakum for December while Indian Oil Corp secured multiple December Russian cargoes from sellers not on sanctions lists.
- Russian grades are trading at deeper discounts, with Urals near $58 a barrel and ESPO moving below Brent, signaling rerouted flows rather than a complete halt in supplies.