Turkiye: The highest increase in petroleum product exports last year was in December with an increase of 66%

Turkiye, which has an annual crude oil processing capacity of 42 million tons, achieved the highest exports of petroleum products in December with an increase of 66% in 2023.

According to Energy Market Regulatory Authority (EPDK) data, Turkiye’s crude oil imports were 31.4 million tons, petroleum products production was 36.5 million tons, and petroleum products exports were 13.3 million tons in 2023. Domestic consumption in the sector was recorded as 31.9 million tons, and total deliveries, including bunker sales and deliveries subject to transit regime, were recorded as 34.8 million tons last year.

According to the annual oil market outlook, while the production of petroleum products decreased by 3.9% in 2023 compared to the previous year, imports increased by 26.3%, exports by 5.1%, consumption by 8%, and total deliveries, including bunker sales and deliveries subject to transit regime, increased by 7%. On the other hand, the highest increase in monthly exports last year was recorded in December.

Imported crude oil is processed domestically by Turkish Petroleum Refineries (TUPRAS) and SOCAR Turkiye’s Star Refinery. The annual crude oil processing capacity of these refineries is 42 million tons.

Looking at the general outlook of the oil market, exports of petroleum products increased by 66.4% on an annual basis in December, reaching 1.3 million tons. Of this, 515.3 thousand tons were aviation fuels and 266.5 thousand tons were diesel types, 258.2 thousand tons were gasoline types, 72.9 thousand tons were fuel oil types, 53.4 thousand tons were marine fuels and 145.8 thousand tons were other products.

Imports of petroleum products increased by 15.7% in December 2023 compared to the same month of the previous year, reaching 4.3 million tons. 2.9 million tons of this was crude oil, 1 million tons was diesel types, and the remaining part was other petroleum products.

The total production of petroleum products by refineries in Turkiye in December 2023 increased by 18.2% compared to the same month of the previous year, reaching 3.2 million tons.

In the same period, the production of diesel types increased by 8.8% to 1.5 million tons, and the production of gasoline types increased by 53.9% to approximately 550 thousand tons, Aviation fuel production increased by 68.4% to 510 thousand tons, and marine fuel production decreased by 26.9% to 42.6 thousand tons.

78% of petroleum product exports were to Europe and the USA

When we look at the country-based distribution of exports, the USA and European countries became the main destinations for Turkiye’s petroleum products.

During the said period, 78% of exports were made to European countries and the USA, while the highest export on a country basis was to the Netherlands with 28.1%. The Netherlands was followed by the USA with 14.1%, Romania with 8.6%, Italy with 7.7% and Spain with 5.1%, Lebanon with 4.8%, Slovenia with 4.6%, England with 3.9% and France with 3.8%.

“Turkiye’s most important supplier of petroleum products is Russia”

Oguzhan Akyener, President of Turkiye Energy Strategies and Policies Research Center (TESPAM), said that in December last year, Russia and Iraq stood out as Turkiye’s most important suppliers of crude oil and petroleum products with a 68% share and 11.7%.

Akyener stated that Russia offers great opportunities to Turkiye in the supply of crude oil and diesel, “Especially the current sanctions processes have paved the way for the supply of Russian products at much more reasonable prices and contributed to the increase in profit margins for the Turkish fuel industry. The constructive relationship model based on the balance policy followed by Turkiye with Russia has contributed to its ability to take advantage of many opportunities in the field of oil and natural gas.”

Pointing out that the opportunities provided by the international environment were effective in the increase in the export of petroleum products, Akyener said, “The current picture shows that we have a sustainable market system in Turkiye that is fluid, transparent, and able to evaluate opportunities while being least affected by global risks.”

Source: Trthaber / Prepared by Irem Yildiz

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