Turkey's crude oil imports from Russia increased in September.

Turkey's Crude Oil Imports Surge in September

Turkey experienced a remarkable increase in crude oil imports in September. According to EPDK data, total crude oil imports rose by 62.5 percent in September, reaching 2 million 739 thousand tons. Notably, the imports from Russia increased by 114 percent, amounting to 1 million 676 thousand tons, drawing attention.

Relations with Russia and Import Trends

Recently, as the West has increased pressure on Turkey regarding sanctions against Russia, this situation has also impacted energy imports. From January to September 2023, total crude oil imports increased by 5.2 percent compared to the previous year. However, imports from Russia decreased by 10.5 percent during the same period, falling to 11.7 million tons.

Economic Developments and Dynamics in the Oil Market

According to sector analyses, the reason behind Turkey's high volume of crude oil orders from Russia is interpreted as finding favorable prices ahead of possible sanctions. Additionally, it is observed that the increase in September occurred amid seasonal effects and a slowdown in the economy, leading to a decrease in orders from the main buyer, oil refineries.

Expert Opinion: Alternatives and Supply Issues

Energy expert Ali Arif Aktürk noted that Turkey’s ongoing natural gas agreements with Russia have an impact on oil trade. Aktürk emphasized that the alternatives for energy sources are limited, stating, "Due to the amount of Russian gas, it is quite challenging to create alternatives." He also expressed that potential expanded sanctions could restrict oil purchases from Russia.

Aktürk also highlighted the role of companies in Southern Cyprus, mentioning that these companies hold a significant position in Russian oil and products.