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The import volume of Urals in Turkey reached a record high in May

Posted to Maritime Reporter on June 6, 2024

The differentials between Urals crude and other grades of Russian crude were stable on Friday, while Turkey's imports hit a new record in May. This was according to Reuters calculations and LSEG data. LSEG data showed that Turkey's seaborne Urals crude imports reached a record of 397,000 barrels a day in May, according to Reuters calculations. Turkey, along with India and China, remains the top destination for seaborne Urals crude oil this year. PLATTS WINDOW No bids or offer were made on Thursday for Urals, CPC blend and Azeri BTC Crude in the Platts Window. News * The decline in oil price after the OPEC+ summit last weekend was due to "speculative factor" and misinterpretation of the agreement reached, Russian Deputy Premier Alexander Novak stated on Thursday. * Trafigura's net profit for the first six months of the 2024 financial period dropped by more than 74%, its lowest level since the same period in 2020. The extreme volatility that characterized commodity markets in recent times has now subsided. (Reporting and editing by Susan Fenton; Reuters)