One of the traders added that Turkey's refiners experienced
several issues with payments for Russian oil. Though Istanbul
didn't join Western sanctions on Moscow it's companies are
integrated in the international financial system and work with
major Western banks.
(Reporting by Reuters
Editing by Mark Potter)
MOSCOW, May 15 (Reuters) - Turkey doubled Russian Urals
oil imports in the first half of May versus the same period of
April, according to Refinitiv Eikon data and Reuters
calculations, as the country profits from cheap crude that is
sanctioned by the West.
Some 193,000 barrels per day (bpd) of the Russian grade were
loaded for supplies to Turkey's ports during May 1-15 compared
with 96,000 bpd during the same period of April, the data shows.
India remains the main importer of Urals oil loading from
Russian ports this month, buying more than 50% of the volumes so
far, while China remains in the second place. Chinese refiners
have been increasing their buying of Urals and are expected to
ramp up purchases this month.
Russia's oil exports from its Western ports are expected to
reach a four-year high this month, while lower global oil prices
are keeping Urals below the price cap imposed by some Western
countries and attracting buyers worldwide.
Turkey, which remains the only major importer of seaborne
Urals in the European region after an EU embargo, has bought
153,000 bpd of the grade loading so far this year, according to
Refinitiv Eikon and Reuters calculations. That is unchanged from
the same period of 2022.
Turkey's ability to import Russian oil is limited by its
refining capacity and competition with refiners in India - the
main importer of seaborne Urals cargoes since last year, two
traders said.
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