Turkey Reduces Russian Oil Purchases

Turkey significantly curtailed oil imports from Russian ports in July after Ukrainian drone attacks disrupted exports via the Black Sea. According to data from LSEG, Ankara imported approximately 900,000 metric tons of Russian oil, compared to 1.2 million metric tons in June.

The volume of Black Sea shipments destined directly for the Turkish market fell even more sharply, from 600,000 to approximately 300,000 metric tons. The decline is expected to continue in August, when Turkey anticipates receiving only about 200,000 metric tons of oil from Russian Black Sea ports.

No shipments of Russian Urals blend or CPC crude are currently scheduled. However, two tankers carrying Kazakh KEBCO crude are expected to arrive in the country.

According to traders, Ankara is responding by diversifying its suppliers. In August, it is therefore set to make special oil imports from Brazil and Guyana as well.

(tasr, mja)