Fuel prices in India likely to hike as Turkey earthquake impacts crude oil trade.
The two earthquakes that struck the eastern region of Turkey have impacted crude oil exports worldwide. Turkey has already halted crude oil flows to the Ceyhan export terminal on the Mediterranean coast as a precaution. The state’s pipeline operator BOTAS made the decision soon after the first quake struck.
Due to the oil flow suspension in Ceyhan, crude oil prices instantly rose on Monday. The Ceyhan port is a vital hub for Middle Eastern and Central Asian oil and natural gas. The city is situated on the Ceyhan river that flows through Cukrovaplain. In January, the port exported over 1 million barrels a day in January which translates to 1% of global supplies, as per data compiled by Bloomberg.