Turkey’s oil imports up 42.4 percent in December 2021

Turkey's total oil imports increased by 42.4 percent on an annual basis to 4.03 million tons in December 2021, according to data released by the Energy Market Regulatory Authority (EPDK) yesterday.

Crude oil imports, the category with the highest oil import volume, rose by 45.9 percent in December to 2.98 million tons, the energy watchdog said in its monthly report.

In December 2021, Turkey imported the most oil and oil products from Iraq, totaling 1.18 million tons. Russia and Kazakhstan followed with 953,760 tons and 569,622 tons, respectively.

Oil refinery product exports increased by 57.3 percent to 1.14 million tons, while output also rose by 16 percent to 3.29 million tons in December.

Total domestic oil product sales grew by 17 percent year-on-year in December to 2.69 million tons.

Brent crude stood at $96.73 per barrel, having soared to a seven-year high of $99.50 on Feb. 22 on fears of disruptions to key Russian oil supplies.

Benchmark U.S. crude fell 86 cents to $91.49 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.28 on Feb. 22 to $92.35.

European gas prices jumped after Germany withdrew a key document needed for certification of the Nord Stream 2 gas pipeline from Russia.

"There's still considerable risk that oil prices may surge above $100 a barrel" if the situation escalates, said Vivek Dhar at Commonwealth Bank of Australia.