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Market Chatter: Turkey Cuts Russian Crude Imports Amid Black Sea Export Disruptions

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Turkey slashed its imports of Russian-origin crude in July following a wave of Ukrainian drone strikes that disrupted vital export hubs in the Black Sea, Reuters reported on Friday, citing shipping data and industry sources.

Turkey received about 900,000 metric tons of oil from Russian ports in July, a sharp decline from 1.2 million mt in June, the report said. The reduction was driven by a drop in shipments from Black Sea terminals, which fell by half to just over 300,000 mt over the month.

The drop follows escalated Ukrainian targeting of Russia's southern maritime infrastructure in July. Turkey, a major destination for CPC Blend, Kazakh KEBCO, and Urals crude grades, is poised to further scale back purchases.

August imports from Russia's Black Sea ports are projected to drop to about 200,000 mt. Ministry of Foreign Affairs did not immediately respond to' request for a comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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