Turkey: Crude Oil Market 2024

Crude Oil Market Size in Turkey

In 2022, the Turkish crude oil market decreased by 0% to less than $X, falling for the second year in a row after four years of growth. In general, consumption showed a significant increase. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Crude Oil Production in Turkey

In value terms, crude oil production amounted to less than $X in 2022 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern.

Crude Oil Exports

Exports from Turkey

In 2020, overseas shipments of crude petroleum oil decreased by -43.8% to X tons for the first time since 2017, thus ending a two-year rising trend. In general, exports showed a slight contraction. The most prominent rate of growth was recorded in 2018 with an increase of 55% against the previous year. The exports peaked at X tons in 2019, and then shrank significantly in the following year.

In value terms, crude oil exports dropped notably to $X in 2020. Overall, exports saw a perceptible decrease. The growth pace was the most rapid in 2018 when exports increased by 82% against the previous year. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2020, the exports stood at a somewhat lower figure.

Exports by Country

India (X tons) was the main destination for crude oil exports from Turkey, with a 49% share of total exports. Moreover, crude oil exports to India exceeded the volume sent to the second major destination, Thailand (X tons), threefold. The third position in this ranking was held by the UK (X tons), with a 7.9% share.

From 2012 to 2020, the average annual rate of growth in terms of volume to India amounted to +13.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+472.2% per year) and the UK (-12.0% per year).

In value terms, India ($X) remains the key foreign market for crude petroleum oil exports from Turkey, comprising 49% of total exports. The second position in the ranking was held by Thailand ($X), with a 17% share of total exports. It was followed by the UK, with an 8.4% share.

From 2012 to 2020, the average annual growth rate of value to India totaled +6.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+433.3% per year) and the UK (-12.8% per year).

Export Prices by Country

In 2020, the average crude oil export price amounted to $X per ton, declining by -8.4% against the previous year. Overall, the export price showed a noticeable decrease. The most prominent rate of growth was recorded in 2013 when the average export price increased by 38%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2020, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Spain ($X per ton), while the average price for exports to China ($X per ton) was amongst the lowest.

From 2012 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to the UK (-0.9%), while the prices for the other major destinations experienced a decline.

Crude Oil Imports

Imports into Turkey

After two years of growth, overseas purchases of crude petroleum oil decreased by -0.2% to X tons in 2020. Overall, imports, however, posted resilient growth. The most prominent rate of growth was recorded in 2019 with an increase of 116% against the previous year. As a result, imports reached the peak of X tons, leveling off in the following year.

In value terms, crude oil imports surged to $X in 2020. In general, imports, however, saw strong growth. The pace of growth appeared the most rapid in 2018 when imports increased by 87%. Over the period under review, imports hit record highs in 2020 and are expected to retain growth in years to come.

Imports by Country

Kazakhstan (X tons), Norway (X tons) and Russia (X tons) were the main suppliers of crude oil imports to Turkey, together comprising 72% of total imports.

From 2012 to 2020, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Norway (with a CAGR of +1,255.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest crude oil suppliers to Turkey were Kazakhstan ($X), Russia ($X) and Nigeria ($X), with a combined 74% share of total imports. Norway and Azerbaijan lagged somewhat behind, together accounting for a further 24%.

Norway, with a CAGR of +1,332.9%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2020, the average crude oil import price amounted to $X per ton, rising by 37% against the previous year. In general, the import price, however, recorded a deep setback. The pace of growth was the most pronounced in 2018 when the average import price increased by 42% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2020, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2020, amid the top importers, the highest price was recorded for prices from Kazakhstan ($X per ton) and Russia ($X per ton), while the price for Norway ($X per ton) and Nigeria ($X per ton) were amongst the lowest.

From 2012 to 2020, the most notable rate of growth in terms of prices was attained by Norway (+5.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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