Analysts say that this year Turkey began to buy 2 times more oil from Russia. Trade relations between Turkey and the Russian Federation* began to flourish since the spring.
This year, the Turks daily buy more than 200,000 barrels of Urals and Siberian Light varieties from Russians. For comparison, last year the figures were 98,000 barrels per day.
“Turkish companies are not prohibited from doing business with Russian partners. They fill the void after European companies left the Russian market due to the start of a full-scale war in Ukraine,” the experts’ report says.
This is reported by Reuters.
Both countries are set for greater cooperation in business, especially with regard to energy trade. According to analysts, a significant increase in the consumption of these types of Russian oil is observed among the main Turkish refineries Tupras and the Azerbaijani SOCAR STAR refinery. At the same time, they began to buy less North Sea, Iraqi and West African varieties.
Over the past few years, the STAR refinery has increased its purchases of Norwegian Johan Sverdrup oil and Iraqi oil, which are close in quality to Russian oil. This was due to an increase in the cost of the latter. In the same year, the cost of Russian oil fell to a historic low, while North Sea and Iraqi oil, on the contrary, rose in price.
Experts expect that in January -August of this year, the STAR refinery will purchase about 90,000 barrels of Russian oil. For comparison, in the same period last year, the figure was 48,000 barrels. Turkish Tupras refineries will also purchase approximately 111,000 barrels of oil in the same period (up from 45,000 barrels last year).
“The choice of Turkish refineries was obvious, since they have no restrictions on the purchase of Russian oil “, – shared a trader in the Mediterranean oil market and added that Turkish refineries will be able to make significant profits from the processing of Urals oil.