Imports fall to lowest since late-2021
Imports from Russia fall to lowest since mid-2023
Imports from Europe hold steady
Turkey’s base oils imports slid in September to the lowest level since late 2021, driven down by a sharp contraction in shipments from Russia.
The downturn contrasted with steady inflows from Europe and raised the prospect of shifting trade flows in the fourth quarter of the year.
Russia shipments drop
Total imports slipped to 38,000 tonnes in September, government data showed.
The volume fell from already-low shipments of 39,700 tonnes in August when a slowdown in arrivals from Russia emerged.
Imports from Russia fell below 10,000 tonnes in September, marking their weakest volume since May 2023.
The decline followed months of elevated Russian shipments as Turkish buyers capitalized on large price-discounts against European-origin material.
Europe supply holds firm
Lower Russian volumes contrasted with stable imports from Europe, providing some support for the Turkish market in September.
With Russia facing ongoing refinery disruptions linked to drone attacks, any extended downturn in its exports could push Turkish buyers to increase procurement from Europe in the fourth quarter.
Such a shift would offer a welcome outlet for Europe’s surplus supplies, especially as seasonal demand softens across the region.
Flows from Italy rise
There were already signs of a larger-than-usual flow of base oils from Italy to Turkey so far in the fourth quarter, reinforcing expectations of a pick-up in Europe’s share of Turkey’s base oils imports in the coming months.
