Turkey reduced Russian crude oil imports by 50 % in August

Turkey has reduced its purchases of Russian oil by 50 % due to maintenance work at the STAR refinery near Izmir.

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In August, Turkey's oil imports from Russia amounted to just under 200,000 barrels per day, whereas at the beginning of the summer, the monthly figure ranged between 400,000 and 450,000 barrels per day.

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The planned maintenance at the Izmir refinery began on 5 September and will last for about two months, which means oil procurement started to decline even before production halted.

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However, the situation is not critical for Russian suppliers, as they will likely redirect oil flows to the Asian market, particularly to India.

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At the beginning of September, Russian oil export revenues fell to their lowest level since February. It was noted that in the first week of September, the price of Russian Urals oil dropped by 30 % to approximately 60 dollars per barrel.

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