Turkey Reduces Russian Oil Imports to 900,000 Tons in July

Turkey has cut its oil purchases shipped through Russian ports: in July, imports amounted to about 900,000 tons compared to 1.2 million tons in June. In August, supplies from Russian Black Sea ports may drop even further, as the country has begun seeking alternatives in Brazil and Guyana. Shipments through the Black Sea have halved: in July, Turkey received just over 300,000 tons of oil compared to 600,000 tons in June. The reason for this decline was disruptions in the operation of Russian Black Sea ports following attacks by Ukrainian drones. In July, exports from the Caspian Pipeline Consortium (CPC) terminal were halted for a week, and loading in Novorossiysk was unstable, leading to a 20% reduction in shipments from the CPC. In August, around 200,000 tons of oil from Russian Black Sea ports is expected, but supplies of CPC Blend and Urals have not yet been scheduled. To compensate for the reduction, Turkey plans to make rare oil purchases from Brazil and Guyana. The CPC pipeline is important for Kazakhstan, which transports oil to the Russian Black Sea coast, and its disruptions affect Kazakh exports and buyers in the Mediterranean. At the end of July, Kazakhstan suspended oil supplies to the CPC terminal due to the threat of attacks on tankers.

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