TURKEY SAVES $2 BILLION ON RUSSIAN OIL AS IMPORTS SOAR DESPITE SANCTIONS

Turkey and Turkish companies have saved around $2 billion on energy bills in 2023 by raising imports of discounted Russian oil and refined products. Ankara wants to buy more from its neighbour despite Western sanctions. Turkey became the biggest importer of Russian energy in the Western hemisphere after Russia's invasion of Ukraine triggered European countries to halt most imports of Russian oil and gas. China and India have imported larger volumes from Russia than Turkey, but Ankara's proximity to Russian ports, however, means it is saving more than other buyers thanks to cheaper freight. Russian Urals crude oil shipments to Turkey rose to an all-time high of 400,000 barrels per day (bpd) in November 2023, accounting for some 14% of Russia's overall seaborne oil exports last month. Russia's energy ministry declined to comment. Turkey's energy ministry, Turpas and STAR refiner didn't respond to requests for comments. Supplies to Turkey are expected to rise further in the coming months after private Russian oil producer Lukoil signed a deal with Azeri firm SOCAR to refine up to 200,000-barrel-per-day of its oil at Socar’s Turkish STAR refinery.
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