Turkey doubles imports of Russian oil since the beginning of the year

From January to August of this year, Turkey increased its import of Russian oil to more than 200,000 barrels per day. This is 104% more than in the same period last year (98 thousand barrels per day), Reuters reports citing Refinitiv data.

Turkey doubles imports of Russian oil since the beginning of the year
Source: iz.ru

According to Refinitiv, Turkey’s Tupras refinery buys about 111,000 barrels per day against 45 thousand last year. The STAR plant (controlled by the Azerbaijani SOCAR) receives 90 thousand barrels per day against 48 thousand for the same period in 2021. Tupras and STAR increased their consumption of Urals and Siberian Light oils.

Traders note that if Turkey continues to purchase Russian oil at the same pace, deliveries may exceed the 2019 record (209 thousand barrels per day). At the same time, traders are not sure that Turkish refineries will be able to maintain purchase volumes after the EU embargo comes into force on December 5.

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