Crude oil imports from Iran cease in November

Published 29.01.2019 00:08 Modified 29.01.2019 00:08

Crude oil imports from Iran have been in decline since May 2018, when U.S. sanctions against Iran were announced, followed by a complete reset in November.

According to information compiled from the Energy Market Regulatory Authority (EMRA) data, Turkey stopped oil purchases from Iran in November last year and met its crude oil needs from Iraq, Kazakhstan, the Russian Federation, Kuwait, Nigeria, Saudi Arabia and Azerbaijan, respectively.

Turkey's oil imports from Iran have declined significantly, with the U.S. announcing that it had terminated its nuclear deal with Iran in May and that it would implement sanctions targeting Iran's oil trade starting from November.

Imports, which had a monthly average of over 1 million tons, decreased to 285,000 tons in June. Even though this amount increased again to 800,000 tons in July, it gradually decreased, followed by a complete reset in November.

Turkey's oil purchases from Iran in the June-November period dropped by 50.59 percent compared to the same period of the previous year to some 3 million tons. In June-November 2017, 6 million tons of crude oil was imported from Iran.

In the said period, Turkey substituted its imports mostly with Iraqi oil. Oil purchases from Iraq increased by 67.85 percent in the June-November time period compared to the same period of the previous year, reaching 4.7 million. This amount was recorded as 2.8 million in the June-November period of 2017.

During this period, the rest of the oil imports were mostly met from Kazakhstan, Russia and Saudi Arabia.

Turkey's oil import figures for December last year have yet to be released, but according to international ship tracking systems, two oil tankers from Iran came to Turkey in December.

It is projected that in the coming period, Turkey will not completely reset oil imports from Iran but that the imports will continue with a monthly average of 250,000 tons.

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