Latest news with #Tupras
Reuters
3 days ago
- Business
- Reuters
Russian Urals oil to India sells at narrowest discounts since 2022, traders say
MOSCOW/NEW DELHI, June 6 (Reuters) - Discounts for Russian flagship Urals crude oil for delivery to Indian ports in July hit their narrowest levels since 2022 as spot supplies have tightened, four traders involved in the market said on Friday. Narrowing discounts and tight spot supplies are nudging Indian refiners to scout for alternatives through buying tenders. Spot discounts for Urals crude narrowed to $2.25 per barrel on average for cargoes arriving in India in July, from $2.70 to $3.10 per barrel to dated Brent on delivery ex-ship (DES) basis in the previous month, the sources said. That is the narrowest discount for Urals oil cargoes sold to India since the Ukraine war broke out in 2022. India became the largest buyer of Russian seaborne crude after Moscow diverted its energy supply away from the European Union which imposed a ban. Some Indian refiners which do not have long-term supply agreements with Russian oil companies are not getting enough Urals oil in July, the sources said. India's largest private refiner, Reliance Industries ( opens new tab, locked in a term supply contract with Russian oil giant Rosneft ( opens new tab last year, which reduced the availability of Urals in the spot market, they said. Russian oil traders cited higher demand for the grade from refiners in Turkey, which has recently increased buying, boosting competition with Indian refiners over the supply. Turkey's largest oil refiner, Tupras, resumed buying Urals in April after stopping earlier this year, because of tougher U.S. sanctions on Moscow. Two of the traders also said improving refining margins globally also helped boost Russian oil demand as refiners are eager to increase crude runs. India remains the biggest buyer of Russian Urals oil by sea, with imports hitting a 10-month high in May.
Yahoo
16-04-2025
- Business
- Yahoo
Exclusive-Top Turkish refiner Tupras resumes buying Russian Urals crude, sources say
By Ahmad Ghaddar and Robert Harvey LONDON (Reuters) - Turkey's largest oil refiner Tupras has returned to buying Russian Urals crude cargoes, after it stopped doing so earlier this year due to US sanctions on Moscow, according to three trading sources and shipping data. Tupras did not immediately reply to a Reuters request for comment. The three sources said Tupras resumed its purchases after prices for Urals crude fell below a Western price cap, to the lowest levels since 2023, earlier this month. Tupras became one of the biggest importers of Russian crude after Moscow's invasion of Ukraine in 2022, with Russian oil representing 65% of the country's total oil imports in January-November 2024, according to data from Turkey's energy regulator. Sign in to access your portfolio
Reuters
16-04-2025
- Business
- Reuters
Exclusive: Top Turkish refiner Tupras resumes buying Russian Urals crude, sources say
LONDON, April 16 (Reuters) - Turkey's largest oil refiner Tupras has returned to buying Russian Urals crude cargoes, after it stopped doing so earlier this year due to US sanctions on Moscow, according to three trading sources and shipping data. Tupras did not immediately reply to a Reuters request for comment. The three sources said Tupras resumed its purchases after prices for Urals crude fell below a Western price cap, to the lowest levels since 2023, earlier this month. Tupras became one of the biggest importers of Russian crude after Moscow's invasion of Ukraine in 2022, with Russian oil representing 65% of the country's total oil imports in January-November 2024, according to data from Turkey's energy regulator.
Reuters
14-03-2025
- Business
- Reuters
Turkey's Tupras imports first Brazilian crude cargo, data shows
LONDON, March 14 (Reuters) - Turkey's largest oil refiner Tupras ( opens new tab is set to receive a cargo of Itapu crude early next month, its first such purchase from Brazil, according to a source with knowledge of the matter, and ship tracking data. Tupras last month said it had stopped buying Russian crude after the United States announced new sanctions on Russia's oil industry on January 10. Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here. The cargo of Itapu crude, around 1 million barrels, was loaded onto the Suezmax tanker Joao Candido on March 12, according to tracking data from Kpler and LSEG. It is scheduled to arrive at Turkey's Izmit port, where Tupras operates a 225,800 barrel per day capacity oil refinery, on April 3-4, the data show. Tupras did not immediately respond to a Reuters request for comment, which arrived late in the Turkish business day on Friday, on the reason for the purchase. The Kpler shipping data that go back to 2013 show that neither of Tupras' two refineries, one at Izmit and another at Izmir, has previously received Brazilian crude. Itapu is a medium sweet crude with an API gravity of 29.3, and a sulphur content of 0.253%, according to data seen by Reuters. Urals is medium sour, meaning it has a similar density to Itapu at around 31.7 API, but is more sulphurous at 1.7%, according to data provided by S&P Global Commodity Insights. Tupras had become one of the biggest importers of Russian crude since Moscow's invasion of Ukraine in 2022, receiving around 305,000 bpd of the grade in 2024 according to Kpler. Itapu is closer in quality to other medium sweet grades that Tupras occasionally buys, such as Nigeria's Forcados, a Mediterranean crude trader said.
Yahoo
28-02-2025
- Business
- Yahoo
Turkish imports of Russian oil drop nearly fourfold after new sanctions
Turkish imports of Russian oil have quietly plummeted since harsher sanctions were imposed earlier this year, the Moscow Times reported on Feb. 27. The U.S. and U.K. passed sweeping sanctions against Russia's oil sector on Jan. 10, particularly targeting Moscow's "shadow fleet" of tankers. Shipments of Russian Urals, the country's flagship crude oil, have dropped to a low not seen since December 2022. Turkish imports of Russian Urals fell to 0.24 million tons in February, down from 1.56 million tons in January, the Moscow Times . Turkey's top refiner, Turkiye Petrol Rafinerileri (Tupras), has stopped accepting shipments of Russian crude, demanding that they comply with the $60 per barrel , Reuters reported earler this month. The change in policy began after the Jan. 10 sanctions. The drop in demand for Russian oil has impacted operations at Gazprom Neft and Surgutneftegaz, major Russian oil and gas companies, and has affected over 180 tankers of the so-called "shadow fleet," a large group of vessels Russia uses to circumvent Western sanctions. Amid sanctions on Russian , Turkey has sought to import from other producers. Turkish imports of oil from reached a five-year high in February. Turkish imports of Nigerian Forcados Blend oil reached 0.26 million tons in February, the highest amount the nation has purchased from since 2020. The country imported 0.36 million tons of Libyan Es Sider and Amna grade oil in February compared to only 80,000 tons in January — a fourfold increase. Turkey has been long singled out as one of the main facilitators of circumventing sanctions imposed on Russia by the West over the invasion of Ukraine. In November 2024, the European Union's anti-fraud agency opened an investigation into the possible exporting of rebranded Russian oil via Turkey into the EU. Turkey, a member of NATO, has been pursuing a standalone Russia policy since Russia's full-scale invasion began, retaining a mediator role between Russia, Ukraine, and the West. Russian and U.S. officials held talks in Istanbul on Feb. 27, their second round of direct discussions this month. Ukraine was not a topic of the discussion, the U.S. State Department said. Read also: 'Trump likes what Putin does,' Bernie Sanders says in exclusive interview We've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.
