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Turkey Ramped Up Russian Urals Crude Imports In First Half Of May

OIL

Turkey doubled imports of Russian Urals oil imports in the first half of May, compared with the same period one month earlier, according to Reuters calculations.

  • Some 193kbpd of Russian Urals were loaded for supplies to Turkey's ports during May 1-15 compared with 96kbpd during the same period of April.
  • Turkey's ability to import Russian oil is limited by its refining capacity and competition with refiners in India, two traders said.
  • India remains the main importer of Urals oil loading from Russian ports this month, buying more than 50% of the volumes so far, while China remains in the second place. Chinese refiners have been increasing their buying of Urals and are expected to ramp up purchases this month.
  • According to Bloomberg vessel tracking data, Russian seaborne crude exports have reached a record of 3.61mbpd in the latest four-week period.
Energy BulletsCommodities
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