Turkey's Russian Urals crude imports to hit 1-yr high in June
Turkey's imports of Russia's Urals crude are set to rise in June to their highest level since May 2024 on healthy refinery margins and seasonal demand for motor fuels, LSEG data showed and two market sources said.
Turkey's Urals imports will reach almost 1.64 MM tonnes (t) in May, which will be the highest since May 2024, when the country imported 1.76 MMt of the grade, according to LSEG data.
Turkey is the second-largest importer of seaborne Urals crude oil after India. It has not joined Western sanctions against Russia but complies with international laws and restrictions.
Urals prices have been trading below $60 per barrel in Russian ports in April and May, but have recently risen above the cap amid firmer Brent prices, according to Reuters data. The price increase might put pressure on Turkey's Russian oil imports, traders said.
Tupras, Turkey's leading refiner, resumed buying Urals crude in April after halting purchases of Russian crude in February due to U.S. sanctions.
A price cap introduced by the Group of Seven countries does not allow Western companies to provide insurance or transport services for Russian oil cargoes sold at more than $60 per barrel.
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