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Russia, Turkey's biggest energy supplier, imported 49.93 percent of its oil from Moscow

2024-01-09 12:33:15Kosova&Bota SHKRUAR NGA REDAKSIA VOX

Russia, Turkey's biggest energy supplier, imported 49.93 percent of its oil

In October 2023, Turkey imported 49.93% of its oil from Russia when a year ago, the share of Russian oil in the Turkish market was 40.74%.

Local media reported that Turkey saved about two billion dollars last year thanks to increased imports of Russian oil and oil derivatives. A symbol of bilateral trade and economic cooperation between Ankara and Moscow is the first Turkish nuclear power plant 'Akuyu', which is being built by the Russian side.

Despite Western sanctions, Ankara has repeatedly expressed its intention to further strengthen ties with Russia, emerging as the main importer of Russian energy in the Western Hemisphere.

After Russia's invasion of Ukraine, European countries reduced imports of Russian oil and gas, turning Turkey into the largest importer of Russian energy in the Western Hemisphere. Proximity to Russian ports gives Turkey significant savings in shipping costs.

In November 2023, Russian crude oil shipments to Turkey reached an all-time high of 400,000 barrels per day, accounting for 14% of total Russian oil exports by sea. This increase in crude oil imports contributes significantly to Turkey's energy cost savings.

In addition to the increase in crude supplies, Turkey recorded a 200% increase in imports of Russian oil, heating oil, jet fuel and marine fuel from January to November 2023, reaching about 0.29 million barrels per day. Russia supplied Turkey with 13 million tonnes of distillates during this period, compared to 4.3 million tonnes in the same period in 2022.

Turkey's strategy to import Russian oil at a discount has proven economically beneficial, with reported savings of between $25 and $150 per ton of Russian oil and $5-20 per barrel for crude oil. These savings have played a crucial role in helping Turkey narrow its trade deficit and ease pressure on its currency, which has depreciated by 30%.

Turkey's approach to saving on Russian oil purchases is not unique, as India, refusing to join sanctions against Moscow, has increased imports of Russian oil by 77% in 2023, saving approximately $2.7 billion. Both countries enjoy significant savings in freight charges compared to other importers such as India.

Amidst these developments, Moscow and Ankara have engaged in discussions to set up a hub for Russian gas in Turkey. The initiative is in line with Ankara's long-standing desire to become a major energy distribution hub for southern Europe, offering Russia an alternative route for its gas exports amid reduced purchases from the EU.


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