Turkey's Russian Oil Reliance: A Balancing Act

Turkeys Energy Strategy: Balancing Act with Russian Crude - Despite global pressures, Turkeys reliance on Russian crude oil remains firm. Recent data shows Turkey imported around 669,000 barrels per day from Russia between Jan-Oct 2022, a significant portion of its total crude imports. Turkish refineries are well-suited for Urals-like crude, and the economics of discounted Russian oil are compelling. However, the impact of sanctions on Turkeys oil imports is complex, with refiners likely to only consider major changes if costs significantly increase or if they are forced to explore other options. The market will closely watch factors like the price difference between Russian Urals and alternative crudes, and how strictly sanctions are enforced.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.