Russian Oil Exiting Baku-Tbilisi-Ceyhan Pipeline, Source Says

Lukoil plans to halt oil supplies through the Baku-Tbilisi-Ceyhan (BTC) pipeline from the Caspian Sea starting December due to EU sanctions and redirect them to the Caspian pipeline consortium system, Reuters reports citing sources. TASS also covered this story.

“Russian oil is leaving Baku-Tbilisi-Ceyhan because of the sanctions,” one source stated. Another source indicated that this decision was made by Western stakeholders.

The EU embargo on Russian oil imports is set to take effect on December 5. Lukoil supplies oil to the BTC pipeline from its fields in the Caspian Sea. According to projections, the export volume for this year will reach 660,000 barrels per day, with main exporters including SOCAR, BP, MOL, Exxon, and TPAO.