Key Turkish Refinery Gets Back Into Russian Oil

Turkey’s top oil refiner, Tupras, has resumed purchasing Russian Urals crude oil after a brief halt earlier this year prompted by U.S. sanctions on Moscow. According to trading sources and shipping data reviewed by Reuters, the company restarted imports following a drop in Urals prices below the G7’s price cap, reaching their lowest point since 2023.

Tupras had previously become one of the largest buyers of Russian crude after Russia’s 2022 invasion of Ukraine. In the first 11 months of 2024, Russian oil accounted for roughly 65% of Turkey’s total oil imports, based on figures from the country’s energy regulator.

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Although Tupras did not respond to requests for comment, the shift signals a renewed effort to balance geopolitical constraints with economic pragmatism. Tupras’ choice to return to the Russian market appears to be driven more by pricing than politics, as the affordability of Urals crude makes it a financially attractive option despite ongoing Western sanctions.

This development comes as global energy markets remain volatile due to conflicts, shifting alliances, and sanctions regimes. The market will be watching to see whether Tupras’ move will prompt others to take similar actions. Right now, everyone is in limbo, trying to test the waters between sanctions compliance and the desire for cheap oil.

Earlier this month, Urals crude plunged along with other oil benchmarks, dropping close to $50 per barrel for the first time in nearly two years. On Wednesday, April 16, at 11:46 a.m. Urals was trading at $67.61, compared to Brent crude at $65.96 and West Texas Intermediate (WTI) at $62.63.

The Tupras exclusive by Reuters comes a day after reports that the European Commission will, on May 6, unveil its big plan to phase out all Russian oil and gas by 2027, according to a Reuters report.

By Charles Kennedy for Oilprice.com

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