Turkey Orders Restart of Crude Oil Flow to Ceyhan Terminal




  • In Business
  • 2023-02-07 08:43:07Z
  • By Bloomberg
 

(Bloomberg) --

Most Read from Bloomberg

  • Quake Toll Hits 4,000 in Turkey, Syria as Overseas Aid Flows

  • Turkey's South Hit by a Second High-Magnitude Earthquake

  • Dell to Cut About 6,650 Jobs, Battered by Plunging PC Sales

  • US Moves to Recover Chinese Balloon While Weighing Retaliation

  • China Moves From Contrite to Confrontational Over US Balloon

Turkey ordered the resumption of crude-oil flows to the Ceyhan export terminal on the Mediterranean coast, according to an official with direct knowledge of the matter.

State pipeline operator Botas had halted flows to the facility as a precaution on Monday morning, after the first of two massive earthquakes shook the region.

Checks have now been completed and flows to and exports from Ceyhan will begin shortly, the official said, asking not to be identified due to the sensitivity of the matter.

Brent oil futures fell about 50 cents a barrel in the minutes that followed, paring an intra-day rally.

The port exported over 1 million barrels a day in January, or 1% of global supplies, according to data compiled by Bloomberg.

Monday's magnitude 7.7 and 7.6 quakes left thousands of people dead in Turkey and Syria.

(Adds detail on checks in third paragraph, oil reaction.)

Most Read from Bloomberg Businessweek

  • ChatGPT Gets an MBA

  • That Zoom Meeting Really Could Have Been a Simple Phone Call

  • When Financial Bubbles Are Hard to Pop

  • A Billionaire's Son Battles a Turbulent WWE Over the Future of Pro Wrestling

  • When Hackers Hobbled Ireland's Hospitals, They Took Themselves Down, Too

©2023 Bloomberg L.P.

COMMENTS

More Related News

US Bank Deposits Decline by Most in Nearly a Year
US Bank Deposits Decline by Most in Nearly a Year

(Bloomberg) -- Deposits at US lenders posted the biggest decline in nearly a year during the week when multiple bank failures triggered the latest bout of...

First Republic Whiplashes Investors as Bank Concerns Linger
First Republic Whiplashes Investors as Bank Concerns Linger

(Bloomberg) -- First Republic Bank shares ended lower Friday on the heels of another downgrade and as financial turmoil spread to a European lender...

Riskiest Borrowers Left Behind in US Corporate Bond Rebound
Riskiest Borrowers Left Behind in US Corporate Bond Rebound

(Bloomberg) -- Investors are steering clear of corporate America's most vulnerable borrowers, even as credit markets rally on bets that the worst of the...

Central Banks Shed Most US Debt Since 2014 as Dollar Needs Jump
Central Banks Shed Most US Debt Since 2014 as Dollar Needs Jump

(Bloomberg) -- Foreign central banks liquidated Treasury holdings at the fastest clip in nine years and tapped a key Federal Reserve facility to raise cash...

Bond Traders Bet Fed Will Cut Rates by June as Bank Stress Grows
Bond Traders Bet Fed Will Cut Rates by June as Bank Stress Grows

(Bloomberg) -- Bond traders abandoned wagers that the Federal Reserve will raise interest rates in May and added to bets that its next shift will be a rate...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: Business