Turkey Reduces Oil Purchases from Russian Black Sea Terminals

Turkey has reduced its oil purchases from Russian Black Sea ports in July and plans to further decrease supply volumes in August. This was reported by Deutsche Welle.

The move follows Ukrainian drone attacks that disrupted oil exports from Russian Black Sea terminals. In July, Ukraine intensified its attacks, resulting in the temporary suspension of exports from the Caspian Pipeline Consortium (CPC) terminal for one week, and loading operations at the Novorossiysk port were conducted under unstable conditions. As a result, the volume of loaded oil in July decreased by approximately 20 percent.

Turkey, a major buyer of CPC Blend, Kazakh KEBCO, and Russian Urals oil, received about 900,000 tons of oil from Russian ports in July, down from 1.2 million tons in June. It is expected that in August, only about 200,000 tons of oil will be delivered from Russian Black Sea ports to Turkey. Two tankers are planned to be used for transporting Kazakh KEBCO oil.

Currently, there are no plans to supply CPC Blend or Urals oil to Turkey. At the same time, Turkey is diversifying its sources of oil supply, also importing oil from Brazil and Guyana.