Türkiye’s petroleum exports soar in December 2023

Türkiye achieved the highest surge in petroleum product exports in December 2023, marking a significant economic milestone

​​​​​​​Türkiye’s export of petroleum products increased by 66.4% in December compared to the same month in 2022, marking the biggest growth year over year.

According to the Energy Market Regulatory Authority’s (EMRA) petroleum market sector report, total petroleum product exports in Türkiye, which has an annual crude oil processing capacity of 42 million tons, totaled 1.3 million tons in December 2023.

The export of aviation fuels reached 515,300 tons, while diesel, gasoline, and marine fuels exports totaled 266,500 tons, 258,200 tons, and 53,400 tons, respectively.

The country imported 31.39 million tons of crude oil last year. In December, total imports increased by 15.7% year-on-year and reached 4.3 million tons, of which 2.9 million tons were crude oil, 1 million tons were diesel types, and the rest were other petroleum products.

Refineries’ total petroleum product production rose by 18.20% to 3.2 million tons in December 2023 compared to the same month of the previous year.

Imported crude oil is processed domestically at the Turkish Petroleum Refineries (TUPRAS) and SOCAR Türkiye’s Star Refinery. These refineries have an annual crude oil processing capacity of 42 million tons.

During the same period, diesel production increased by 8.81% to 1.5 million tons, gasoline production increased by 53.9% to 550,000 tons, aviation fuels production increased by 68.37% to 510,000 tons, and marine fuels production decreased by 26.87% to 42,600 tons.

Most exports to Netherlands

In the country-based distribution of exports, the U.S. and European countries were the main destinations for Türkiye’s petroleum products.

In December, 78% of exports were made to European countries and the US, while the highest exports were made to the Netherlands, with 28.1% on a country basis.

We followed the Netherlands with 14.1%, Romania with 8.6%, Spain with 7.6%, Lebanon with 4.8%, Slovenia with 4.6%, the UK with 3.9%, and France with 3.8%.

Türkiye’s most important supplier in terms of crude oil and petroleum products imports was Russia, with a share of 68% in December 2023, and Iraq, with a share of 11.72%, Oguzhan Akyener, the president of Türkiye’s Energy Strategy & Political Research Center (TESPAM) told Anadolu.

According to Akyener, Russia offers excellent opportunities to Türkiye regarding crude oil and diesel supply.

“In particular, the current sanctions processes have paved the way for the supply of Russian products at much more reasonable prices, contributing to an increase in profit margins for the Turkish fuel sector,” he said.

He added that based on a balanced policy, Türkiye’s constructive relationship model with Russia has contributed to the utilization of many oil and natural gas opportunities.

Akyener said exports increased by 66% compared to the same period of the previous year and added that the opportunities provided by the international environment were undoubtedly effective in this.

Source: AA

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