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Russian Urals Supply to Turkey Rose to Record 12.5mbbls in March

OIL

Imports of Russian Urals crude to Turkey rose to a monthly record of 12.5mbbls in March from 9mbbls in February, according to LSEG data.

  • Turkey is the second largest importer of Urals after India and ahead of China. Imports are boosted by a deal between oil producer Lukoil and the owner of the 200kbpd Turkish STAR refinery, Azerbaijan's Socar.
  • Supplies to Turkey increased while Urals prices continue to exceed the G7 price cap at around $70/bbl.
  • Socar's STAR refinery received 6mbbls of Urals in March compared to about 3mbbls in February.

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