 |
Louisiana Light • 2 days | 71.81 | +1.53 | +2.18% | ||
|
Bonny Light • 25 days | 78.62 | -2.30 | -2.84% | ||
|
Opec Basket • 2 days | 72.42 | +1.58 | +2.23% | ||
|
Mars US • 315 days | 75.54 | -1.36 | -1.77% | ||
|
Gasoline • 7 hours | 1.930 | +0.003 | +0.17% |
|
Bonny Light • 25 days | 78.62 | -2.30 | -2.84% | ||
|
Girassol • 25 days | 79.56 | -1.80 | -2.21% | ||
|
Opec Basket • 2 days | 72.42 | +1.58 | +2.23% |
|
Peace Sour • 22 hours | 64.72 | +1.66 | +2.63% | ||
|
Light Sour Blend • 22 hours | 65.97 | +1.66 | +2.58% | ||
|
Syncrude Sweet Premium • 22 hours | 70.22 | +1.66 | +2.42% | ||
|
Central Alberta • 22 hours | 65.97 | +1.66 | +2.58% |
|
Eagle Ford • 2 days | 65.50 | +1.75 | +2.75% | ||
|
Oklahoma Sweet • 2 days | 65.50 | +1.75 | +2.75% | ||
|
Kansas Common • 2 days | 59.25 | +1.75 | +3.04% | ||
|
Buena Vista • 2 days | 75.72 | +1.41 | +1.90% |
Breaking News:
Russian Oil Refining Capacity Plummets 14.5%
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Turkish Refinery Buying Russian Crude Set for 2-Month Maintenance
The STAR refinery on Turkey’s Aegean coast, which is a major buyer of Russia’s Urals crude, is set to begin planned maintenance in early September for about two months, Reuters reported on Wednesday, citing sources familiar with the facility’s operations.
The STAR refinery of Azerbaijan’s state oil and gas firm SOCAR was commissioned in 2018 in what was the first Azerbaijani-built oil refinery in Turkey. For an estimated $6.3 billion, the STAR refinery on Turkey’s Aegean coast was one of the biggest foreign investment projects in Turkey at the time, as well as the country’s first new refinery since 1986.
Now SOCAR will begin the first extensive maintenance at the STAR refinery since 2018. The planned works are expected to begin on September 5 and continue for around 45 days to two months, according to Reuters’s sources.
The refinery has been a major buyer of Russian crude, especially the flagship Urals blend, both under term contracts with Lukoil, Russia’s second-biggest oil producer, and on the spot market.
Last year, Lukoil signed an agreement with the refinery for supply of Urals. As European refiners halted purchases of Russian oil under the sanctions regime, Lukoil, a private company, is seeking refining customers situated near Russian ports to recapture market share.
Deliveries of Urals to the STAR refinery have been close to capacity of the facility’s terminal at Nemrut Bay, per LSEG data cited by Reuters. The terminal has a capacity of 200,000 barrels per day (bpd).
The extensive maintenance at SOCAR’s refinery in Turkey is set to impact the physical market of the Russian Urals crude, as it removes one key buyer of the grade from the market, according to traders. Still, the STAR refinery could continue to buy some Urals volumes during the maintenance period to store at the storage tanks at the site.
By Charles Kennedy for Oilprice.com
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