Turkey’s Oil Pur­chases From Iran Ze­roed

Iran News - - DOMESTIC -

TEHRAN - Turkey’s pur­chases of Ira­nian crude oil fell to zero in Novem­ber, ac­cord­ing to a source fa­mil­iar with the mat­ter, re­flect­ing a de­cline in deals inked in the weeks lead­ing up to re­newed U.S. sanc­tions on Tehran.

Turkey has since been granted a waiver from Wash­ing­ton al­low­ing it to tem­po­rar­ily con­tinue buy­ing Ira­nian oil de­spite the sanc­tions.

Oil ar­riv­ing in Turkey from Iran is typ­i­cally booked two or more weeks in ad­vance be­cause of the time it takes a ship­ment to cover the dis­tance be­tween the two coun­tries by sea, Reuters re­ported.

A trad­ing source said that Turkey’s big­gest oil im­porter, TÜPRAS has also had sched­uled main­te­nance from mid-Oc­to­ber to mid-Novem­ber at its Izmit re­fin­ery, one of four of the com­pany’s re­finer­ies, a move that could have re­duced its over­all de­mand for crude oil dur­ing the pe­riod.

Turkey did not know in ad­vance whether its re­quest for a waiver would be granted, which may ac­count for the de­cline in Novem­ber pur­chases.

NATO mem­ber Turkey de­pends heav­ily upon im­ports to meet its en­ergy needs and neigh­bor­ing Iran has been one of its main sources of oil be­cause of its prox­im­ity, the qual­ity of its crude and fa­vor­able price dif­fer­en­tials.

Turkey is one of the key des­ti­na­tions for Ira­nian crude, ac­count­ing for more than a quar­ter of Turkey’s daily av­er­age im­ports of around 830,000 bar­rels, ac­cord­ing to data from the mar­ket reg­u­la­tor. While Turkey im­ported 930,978 tons of crude oil from Iran in May, the fig­ure fell to 287,842 tons in June, ac­cord­ing to the monthly petroleum in­dus­try re­port by the En­ergy Mar­ket Reg­u­la­tory Au­thor­ity (EMRA). In July and Au­gust, oil pur­chases from Iran to­taled 867.3 mil­lion tons and

674.3 mil­lion tons, re­spec­tively.

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