Russia has succeeded in redirecting a significant share of its oil exports, which were previously destined for Europe, to Turkey. The volume of exports in March increased by almost 50% compared to the previous month, exceeded 10 million barrels and set a record for at least the last 7 years. This is evidenced by the export statistics of the analytical center of the company Vortexa, reports Bloomberg.
Analysts note that the growth of Russian exports of oil products to Turkey was predictable against the backdrop of sanctions, but no one expected such an increase. The volumes of current deliveries are so large that they can cover a two-week need for petroleum products for the entire republic. Experts admit that the reason for everything is a massive discount to the price of Russian oil products, which is used by Turkish companies: Russian fuel remains for domestic consumption, and its own processing is sent to Europe at a higher price.
“Turkey benefits the most as it gains access to troubled Russian gas oil/diesel,” said Eugene Lindell, head of oil products at Facts Global Energy, a consulting firm, noting that this is how Russia finds a buyer for its supplies.
However, Türkiye has not been able to implement this model so far. According to the results of March, imports from the country remained at the usual level, that is, the republic has not yet increased the volume of supplies of petroleum products to the EU. Experts note that this may be due to the consequences of earthquakes, which could affect domestic production and, as a result, exports to Europe. Nevertheless, experts still do not have a clear answer, because Turkish companies have not yet reported on the consequences of earthquakes for the industry.
For Russia, the search for alternative sales markets is extremely important, since before the sanctions and the war with Ukraine, most of the Russian exports of oil products were to Europe. Analysts predicted that it would be impossible to replace the EU in the export structure and Russia would have to reduce the production of petroleum products in favor of primary raw materials - oil, the demand for which remains stable, especially in the face of oil production cuts by OPEC.