Turkiye’s Oil Imports See Significant Decline in June
Turkiye witnessed a notable decrease in its oil imports during June, marking a 9.7% drop compared to the same period last year. According to the Energy Market Regulatory Authority’s (EPDK) “Oil Market Sector Report,” the total import volume of oil and petroleum products decreased to 4.36 million tons, reflecting significant shifts in the market dynamics.
Breakdown of Oil Imports
Crude oil, which forms the largest portion of Turkiye’s total oil imports, saw a reduction of 8%, settling at 2.84 million tons. The drop in crude oil imports was accompanied by a decline in the import of diesel types by 11.7%, bringing the total to 1.15 million tons. These figures underline a broader trend of reduced dependency on imported petroleum products, as the country adjusts its energy strategy.
The remaining imports consisted of aviation and maritime fuels, gasoline, and fuel oil types, contributing to the total import volume. The top three suppliers were Russia, Iraq, and Kazakhstan, with Russia leading by a significant margin, supplying 1.62 million tons of crude oil and petroleum products.
Domestic Fuel Sales Surge
Despite the decline in imports, domestic fuel sales recorded impressive growth. Gasoline sales surged by 28.6% year-on-year, reaching 475,790 tons, while diesel sales increased by 4.8%, amounting to 2.32 million tons. This uptick in domestic sales is attributed to rising demand within the country, driven by various economic factors.
The total sales of petroleum products in Turkiye climbed by 7.2%, reaching 2.92 million tons. This growth in domestic sales highlights a shift in the country’s oil market dynamics, where reduced imports are being offset by increased local consumption.
Rise in Petroleum Exports
On the export front, Turkiye experienced a significant rise in its petroleum product exports, with a 23.6% increase, totaling 1.28 million tons in June. Aviation fuel exports rose by 2.55% to 471,561 tons, while maritime fuel exports saw a more substantial jump of 28.3%, reaching 150,571 tons.
However, not all export categories fared well. Gasoline exports fell by 39.8%, dropping to 30,075 tons, though this was balanced by a 4.5% increase in diesel exports, which reached 159,389 tons. These figures illustrate the complex interplay between import reductions and export growth in Turkiye’s oil sector.
Refinery Output Remains Steady
Turkiye’s refinery output in June showed modest growth. Total refinery production of petroleum products increased by 1.54%, totaling 3.22 million tons. Notably, diesel production fell by 3.1% to 1.26 million tons, while gasoline production saw a sharp rise of 20.9%, reaching 492,773 tons. Aviation fuel production also increased by 6.4% to 567,711 tons, and maritime fuel production skyrocketed by 707.6%, reaching 173,036 tons.
Turkiye’s oil import trends for June 2024 reflect a strategic shift towards balancing reduced import dependency with increased domestic production and consumption. As the country continues to navigate the complexities of its energy market, these figures offer a glimpse into the evolving dynamics of Turkiye’s oil and petroleum industry.
Source: Trthaber / Prepared by Irem Yildiz