Reuters: Turkey has doubled oil imports from Russia since the beginning of the year

Turkey increased Russian oil imports by 104% from January to August 2022 to over 200,000 bbl/d compared to 98,000 bbl/d in the same period last year, informs Reuters agency, citing data from the analytical company Refinitiv.

The main Turkish refineries – Tupras and STAR (Turkish subsidiary of Azerbaijan’s SOCAR) – this year significantly increased the consumption of Russian oil Urals and Siberian Light, while reducing purchases of North Sea, Iraqi and West African grades, according to Refinitiv data.

In particular, Tupras buys about 111,000 bbl/d in this year against 45,000 in 2021, STAR buys 90,000 bbl/d against 45,000 bbl/d a year earlier.

“The choice of Turkish refineries was an obvious choice as they have no restrictions on buying Russian oil,” one trader in the Mediterranean oil market told the agency. In addition, he added, Urals’ good refining margin supported Turkish refiners’ profits.

Russia is the largest energy supplier for Turkey. Last year, Russian oil accounted for about 25% of all imported oil, and Russia also provided about 45% of Turkish natural gas purchases.

After the start of a special military operation in Ukraine, the Turkish government announced its unwillingness to join the sanctions against Russia. On August 11, Turkish Minister of Energy and Natural Resources Fatih Donmez of Turkey said that the country would also not join the sanctions against Russia in the energy sector. At the same time, on August 21, the Ministry of Finance and Treasury of Turkey promised The United States will prevent Russian citizens or organizations from circumventing Western sanctions. The country’s deputy finance minister, Yunus Elitas, said Turkey “opposes Russia’s invasion of Ukraine” but refrains from joining Western sanctions on Moscow, which remains a key supplier of natural gas and crude oil.

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