2023-05-29 16:06:08
Oil transport ships
Data from Refinitiv and traders in the oil sector showed that Turkey’s purchases of Russian Urals crude recorded their highest level in seven months in May, as Turkish refineries took advantage of the low prices of this crude.
Turkey is the only major importer of seaborne Urals crude in Europe, after most other countries in the region agreed to ban such purchases due to the war in Ukraine.
On Monday, Turkish President Recep Tayyip Erdogan and his supporters celebrated his victory, which extends his rule to a third decade, and pledged to continue trade with Russia. Russian President Vladimir Putin also congratulated his “dear friend” on the victory.
About 230,000 bpd of Urals crude was loaded for delivery to Turkish ports in May, the highest level since October 2022, and nearly double April supplies, according to Refinitiv data and Archyde.com calculations.
At the same time, refineries in the Mediterranean region are suffering from a shortage of high-sulfur oil, after about 450,000 barrels per day of crude oil exports from the Kurdistan region stopped at the end of March, after Iraq won an arbitration case against Turkey.
Turkey increased its imports of Urals crude last year, and has bought about 150,000 bpd of that crude so far this year, according to Refinitiv data and Archyde.com calculations, a volume roughly the same as it was in the January-May 2022 period.
Traders said Turkey’s ability to import Russian oil was limited by its refining capacity and competition with refineries in Asia.
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