Türkiye reduces Russian oil imports to lowest levels — Reuters
Photo: Ankara sharply cuts back on Russian oil purchases (Getty Images)
Türkiye plans to cut its purchases of Russian Urals crude in May to the lowest level in the past year and a half, according to Reuters.
According to data from the analytical firms Kpler and LSEG, Urals oil imports to Türkiye in May will average about 161,000 barrels per day. For comparison, in January–April this figure stood at 189,000 barrels, and in May of last year—302,000 barrels.
As market sources note, Ankara has grown accustomed to significant discounts on Russian crude and is currently unwilling to purchase oil at higher prices. Additionally, the decline in supplies has been influenced by rising demand in Asia, particularly in India, where Russia is actively redirecting its resources.
Türkiye remains the world’s third-largest importer of oil from Russia, after India and China. The country primarily purchases the Urals grade.
However, Türkiye is currently partially offsetting the reduction in these supplies by increasing imports of CPC blend from the Caspian region. This grade of oil is supplied to the market from both Russia and Kazakhstan.
Easing of oil sanctions against Russia
On May 19, the United Kingdom issued a license allowing the import of diesel fuel and jet fuel produced from Russian oil in third countries. The decision was made amid rising fuel prices due to the closure of the Strait of Hormuz.
The European Commission stated that it was surprised by London's decision to ease sanctions in this area. Ukraine also reacted to the easing of sanctions against Russia.
On May 18, US Treasury Secretary Scott Bessent announced that Washington had extended a temporary 30-day general license. It allows the most vulnerable countries to access Russian oil that is currently at sea.
