Türkiye slashes imports of Russian oil amid sanctions — Reuters
Photo: Turkey has sharply reduced imports of Russian oil (Getty Images)
Türkiye has sharply reduced imports of Russia's flagship Urals crude oil amid Western sanctions and Turkish refineries' switch to alternative grades, Reuters reports.
Urals oil deliveries to Türkiye fell by 100,000 barrels per day compared to October levels, and total imports last month fell to about 200,000 barrels per day.
Türkiye has been one of the largest buyers of Russian crude oil since 2022, when European buyers stopped purchasing it, and has since ranked second among maritime importers of Urals oil.
According to Kpler data, with the reduction in Urals supplies, Türkiye has increased imports of alternative crude oil grades, including Kazakhstan's CPC Blend and KEBCO, as well as Iraq's Basrah.
CPC Blend, although loaded from a Russian port, is mostly produced by Kazakh companies. Imports of CPC Blend from Kazakhstan are exempt from Western energy sanctions and restrictions on Russian oil.
In November, Türkiye imported 105,000 barrels per day of Kazakh CPC Blend, the highest level of such imports since February 2024.
However, the ability of Turkish refineries to make alternative purchases is limited, as the supply of crude oil similar in quality to Urals on the Mediterranean market is low.
On December 1, oil prices rose after OPEC+ members confirmed their intention to maintain stable production levels.
Global oil prices began to rise after falling to a monthly low. However, excess supply and a potential peace agreement between Russia and Ukraine limited the growth.
On November 27, it was reported that oil prices had fallen again amid expectations of a ceasefire between Ukraine and Russia, which could pave the way for the lifting of Western sanctions on Russian supplies.
