Turkey’s Russian Oil Imports Surge Toward One-Year High Amid Price Advantage

Image Source: Times of India

Turkey is on track to import the highest volume of Russian Urals crude in over a year this June, according to LSEG shipping data and industry sources. The surge is largely driven by discounted prices and a strategic shift by Turkish refiners, particularly Tupras, to capitalize on costeffective supplies amid global market volatility.

Key Highlights:

Import Volume: Urals crude shipments to Turkey are expected to reach 1.2 million tons in June, matching levels last seen in January and up from 0.9 million tons in April.
Refiner Activity: Tupras, Turkey’s top refiner, resumed Russian crude purchases in April after a brief pause due to U.S. sanctions. The decision followed Urals prices dipping below the $60 per barrel G7 price cap.
Price Dynamics: The affordability of Urals crude—trading near $50 per barrel earlier this year—has made it an attractive option despite ongoing geopolitical tensions.
Strategic Positioning: Turkey, which has not joined Western sanctions against Russia, continues to balance economic interests with international compliance. The country remains the secondlargest importer of seaborne Urals crude after India.
Broader Trend: Russian fuel oil exports to Turkey rose 75% monthonmonth in May, reflecting a broader uptick in energy trade between the two nations.

With energy prices fluctuating and global supply chains shifting, Turkey’s pivot back to Russian oil underscores its pragmatic approach to energy security.

Sources: Hellenic Shipping News, OilPrice.com, The Hindu Business Line