Turkey significantly reduced imports of Russian oil: reasons

Turkey cut oil purchases from Russian ports in July after attacks on Russian export infrastructure in the Black Sea. Supplies could fall further in August, and Ankara is already diversifying its imports.

This is reported by Reuters .

It is noted that in July, Ukraine intensified attacks on Russian Black Sea terminals, which led to a week-long suspension of exports from the Caspian Pipeline Consortium (CPC) terminal and unstable loading at the port of Novorossiysk. As a result, CPC oil loadings in July fell by 20%.

Turkey, which is one of the major buyers of CPC Blend, Kazakhstan’s KEBCO, and Urals oil, received about 900,000 tons of oil from Russian ports in July, compared to 1.2 million tons in June.

In particular, supplies from Black Sea ports in July amounted to just over 300 thousand tons compared to 600 thousand tons in June.

In August, Turkey is expected to receive about 200,000 tons of oil from Russian ports in the Black Sea, according to LSEG. Two tankers carrying Kazakh KEBCO oil are expected to arrive, but no deliveries of CPC Blend or Urals to Turkey are currently scheduled for this month.

Turkey is trying to offset the effects of the Black Sea disruptions by diversifying its supplies. In August, the country plans to make an unusual import of oil from Brazil and Guyana. Oil loading through the CPC, which transports about 1.8% of the world’s oil from Kazakhstan to the Russian Black Sea coast, has remained difficult since mid-July.

At the same time, Turkey criticized attacks on Russian-linked tankers near its territorial waters in the Black Sea, saying they pose a threat to the security of shipping and trade in the region.

By the way, it is becoming increasingly difficult for Russia to sell oil at significant discounts . This week, the discount on Urals oil for Indian buyers has decreased to $1-2 per barrel, although it exceeded $10 in early July.

Recall that Kazakhstan temporarily stopped shipping oil through the Black Sea after drone attacks on Russian tankers. Due to the threat of new attacks, the Caspian Pipeline Consortium (CPC) terminal near Novorossiysk stopped operations.

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