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Reuters: Turkey has doubled its imports of Russian oil this year

Author:
Anna Kholodnova
Date:

According to information portal Refinitiv Eikon, Turkey has doubled its imports of Russian oil in 2022.

Reuters writes about it.

According to analysts, Turkey has increased its imports of oil from Russia, including Urals and Siberian Light, to more than 200 000 bpd in 2022, up from just 98 000 bpd in the same period last year.

Turkeyʼs main refiners Tupras and Azerbaijanʼs SOCAR STAR have significantly increased their consumption of Russian Urals and Siberian Light crude this year and cut their purchases of oil from the North Sea, Iraq and West Africa.

This year, Russian oil prices have fallen to historic lows against Brent, while prices for North Sea and Iraqi crudes have risen.

According to data from Refinitiv Eikon, the STAR refinery should purchase about 90 000 barrels of Russian oil during January-August this year. During the same period in 2021, the company bought 48 000 barrels per day. And the Tupras refineries will buy about 111 000 barrels of oil from Russia in January-August 2022, compared to only 45 000 barrels per day in the same period last year.

"The choice for Turkish refiners was obvious because they have no restrictions on buying Russian oil," a trader in the Mediterranean oil market, who declined to be named, told reporters.

He added that the good margin of Urals oil refining contributes to the profits of Turkish refiners.