Türkiye’s diesel oil imports from Russia have surged to a seven-year high, as the country buys fuel at a cheaper rate compared to the West Mediterranean diesel price, and Russian product is currently under sanctions from European countries.
Data compiled by Bloomberg from Vortexa reveals that Türkiye imported 10 million barrels of diesel oil from Russia in March, the highest in almost seven years.
The European Union’s recent expansion of sanctions on Russian refined petroleum products in February contributed to the increase in diesel shipments to Türkiye.
Accordingly, Türkiye’s diesel oil imports from Russia rose by 50% in March compared to February, with daily imports exceeding 300,000 barrels.
Russian oil products appear to be more discounted than the Western European market for Türkiye.
Accordingly, the Russian-origin FOB Black Sea price is $89 per barrel (TL1,713), while the Western Mediterranean price is $108.
A total EU embargo on Russian oil products went into effect on Feb. 5, sending Russian diesel cargoes to Africa and Asia instead of Europe and boosting ship-to-ship (STS) loadings.
The EU ban comes with a price cap agreed upon by the Group of Seven allied democracies. The goal is to allow Russian diesel to keep flowing to countries like China and India and avoid a sudden price rise that would hurt consumers worldwide while reducing the profits funding Moscow’s budget and war.
However, industry experts fear the move could be counterproductive and profoundly impact European energy markets compared to a similar ban on Russian crude oil in December, as the bloc imports almost half of its diesel from Russia.
