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Turkey’s November Urals Crude Imports on Track for Record High

OIL

Turkey’s imports of Russian Urals crude have risen to 800,000t during 1-15 November, up by 200,000t from the same period in October and on track for record highs, LSEG data showed.

  • Traders expect Russian Urals shipments to Turkey to rise above its all-time high of 1.43mn tonnes in October 2022.
  • Turkey has been importing more cheap Russian barrels after its largest oil refinery STAR, owned by SOCAR, made a deal with Russia’s Lukoil for term supplies of the grade.
  • Urals deliveries from Lukoil to STAR started in October and are expected to supply around 100kbpd.
  • So far this month, India remained the largest buyer of Russian Urals at 800,000 tonnes, but this is expected to rise as many tankers going to Indian ports initially show other or no destinations, traders told Reuters. India imported 5mn tonnes of the grade in October, LSEG data showed.
Energy BulletsCommodities
Energy BulletsCommodities

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