Turkey more than doubled its imports of Russian oil this year, according to Refinitiv Eikon statistics released on Monday, as the two countries prepare for more collaboration in commerce, particularly in energy trade, in the face of Western sanctions against Moscow.
Trade between Turkey and Russia has been thriving since the spring, when Turkish companies that are not barred from doing business with Russian counterparts came in to fill the hole left by EU corporations leaving Russia following its invasion of Ukraine earlier this year. Russia’s efforts in Ukraine are described as a ‘special military operation.’
According to Refinitiv statistics, Turkey has raised its oil imports from Russia, including Urals and Siberian Light grades, to more than 200,000 barrels per day (bpd) so far this year, up from 98,000 bpd in the same period in 2021.
Turkey did not censure Russia as a result of its activities in Ukraine, claiming that it is still reliant on Russian energy supply.
Early in August, Russian President Vladimir Putin and Turkish President Tayyip Erdogan met and agreed to expand business collaboration.
According to the data, Turkey’s biggest refiner Tupras and Azerbaijan’s SOCAR’s STAR refinery increased their imports of Russian Urals and Siberian Light oil this year while decreasing their purchases of North Sea, Iraqi, and West African grades.
As the price of Russian oil has risen in recent years, STAR refinery has boosted its purchases of Johan Sverdrup and Iraqi oil grades that are similar in quality to Urals.
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