According to trade sources familiar with the matter, Turkish refiner Tupras has cut run rates at some of its refineries due to the slump in demand.
Rate runs in both its Izmir refinery and Kirikkale are cut by 50% respectively, while its Izmit refinery cuts by 20%.
According to two sources, the company has begun slashing the refinery run rates in the middle of March without no clarity on the exact dates.
A Mediterranean market source said that Tupras had cut purchases significantly with no buy tenders for more than a month. The company usually consume Mediterranean oil grades, including the Russian Urals, Siberian Light, and the Kazakhstan’s CPC blend.
