Türkiye’s Group I base oils imports from Russia rose in June to the highest in more than eight years, while shipments from Europe fell.Group I imports of more than 14,000 tonnes from Russia in June rose from an already-high 12,500 tonnes the previous month, government data showed.The volume was the highest since 2016.Group I imports of less than 9,000 tonnes from Europe in June fell from an already-low 11,000 tonnes in May to a seven-month low.The contrasting trade flows left supplies from Russia accounting for a larger share of Türkiye’s base oils imports than supplies from Europe for just the second time in more than eight years.The dynamic highlighted the impact of the combination of Europe’s sanctions on base oils imports from Russia, its increasingly tight Group I supply and its firm prices relative to other regions.The sanctions boosted the importance of markets like Türkiye as an outlet for supplies of Russian origin.The competitive prices of the Russian supplies in turn boosted their attraction for buyers in Türkiye, especially compared with prices for shipments of European origin.Europe’s tightening supply similarly boosted the attraction for its refiners to sell any surplus volumes within the region rather than to markets like Türkiye.Greece is typically a key supplier of Group I base oils for the Turkish market.Türkiye’s imports from the country fell by more than 10% in the first five months of the year from a year earlier. They then paused in June for the first time in more than a decade.The slowdown contrasted with an increasingly regular flow of shipments from Greece to northwest Europe.Europe’s firm base oils demand and high prices relative to other markets boosted the incentive for even Turkey to target the region with more supplies.The country’s Group I base oils exports of more than 3,000 tonnes in June were the highest since end-2021.Almost all the supplies moved to the Netherlands, with a smaller volume moving to Ukraine.The flows to Ukraine were the largest in more than five years..Turkey’s May base oils imports from Russia rise.India’s June Group III imports hold firm.Base Oil News stories and analysis also available on ICIS platform
