Turkey’s Iranian oil imports fall sharply

ISTANBUL

Turkey’s imports of Iranian crude oil fell sharply in July after the European Union’s and the United States’ embargo on Iran. According to maritime shipping figures, Tüpraş imported 70,000 barrels of oil daily from Iran in July down from 100,000 in June.

A contributing factor in the drop in Iranian oil imports also stems from the refusal of Western Insurance firms to insure the transport of Iran-based oil.

July’s daily imports of 70,000 barrels makes up only 40 percent of 2011’s average 180,000 barrels per day of oil imports. In the first months of 2012, Turkey was able to import 250,000 to 280,000 barrels of crude oil from Iran.

Turkey currently makes up for the drop of oil imports from Iran by importing from Russia, Nigeria, Iraq and Libya.