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Türkiye Cuts Russian Urals Oil Imports in November, Diversifies with Kazakh, Iraqi Supply

Rosneft's Russian-flagged crude oil tanker Vladimir Monomakh transits the Bosphorus in Istanbul, Türkiye , July 6, 2023. REUTERS/Yoruk Isik//File Photo P
Rosneft's Russian-flagged crude oil tanker Vladimir Monomakh transits the Bosphorus in Istanbul, Türkiye , July 6, 2023. REUTERS/Yoruk Isik//File Photo P
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Türkiye Cuts Russian Urals Oil Imports in November, Diversifies with Kazakh, Iraqi Supply

Rosneft's Russian-flagged crude oil tanker Vladimir Monomakh transits the Bosphorus in Istanbul, Türkiye , July 6, 2023. REUTERS/Yoruk Isik//File Photo P
Rosneft's Russian-flagged crude oil tanker Vladimir Monomakh transits the Bosphorus in Istanbul, Türkiye , July 6, 2023. REUTERS/Yoruk Isik//File Photo P

Türkiye sharply reduced its imports of Russia's flagship Urals crude oil in November, shipping data from energy consultancy Kpler showed, as Western sanctions on Russian energy suppliers tightened and Turkish refineries shifted to alternative grades.

Shipments of Urals to Türkiye fell by 100,000 barrels per day from October levels, with total imports dropping to around 200,000 bpd last month, data from Kpler and LSEG showed, Reuters reported.

Türkiye has become one of the largest buyers of Russian crude since 2022 when European buyers stopped purchases, ranking since then as the second biggest buyer after India among seaborne importers of Urals, Russia's main export grade, LSEG data shows.

The decline comes as US sanctions on Russian majors Lukoil and Rosneft have narrowed the pool of suppliers Turkish refiners can deal with.

In addition, the European Union's planned ban on the purchase of fuel produced from Russian oil, set to take effect at the end of January 2026, is prompting Turkish companies to diversify their feedstock.

As Urals shipments fell, Türkiye boosted imports of alternative crude grades, including Kazakhstan's CPC Blend and KEBCO and Iraq's Basrah, according to the Kpler data.

CPC Blend, though loaded from Russia's port of Yuzhnaya Ozereyevka, is mostly produced by Kazakh companies. The Kazakh volume is exempt from Western energy sanctions and limitations regarding Russian oil.

In November Türkiye imported 105,000 bpd of Kazakhstan's CPC Blend, the highest level of such imports since February 2024, Kpler data showed. Türkiye also imported some volumes of Russian-origin CPC Blend in 2025, but has stopped since September.

In June Türkiye's Urals oil imports reached a multi-month high of nearly 400,000 bpd, according to Kpler.

However, Turkish refineries' ability to make alternative purchases is limited, as the supply of crude similar in quality to Urals on the Mediterranean market is low.

The situation with CPC Blend deliveries to Türkiye could be complicated by a recent attack on the Caspian Pipeline Consortium terminal.

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Business

EU to Vote on Trump Tariff Deal -- but Eyes Rest of World

The European Parliament will vote on whether to cut EU tariffs on some US imports. CHARLY TRIBALLEAU / AFP/File
The European Parliament will vote on whether to cut EU tariffs on some US imports. CHARLY TRIBALLEAU / AFP/File
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EU to Vote on Trump Tariff Deal -- but Eyes Rest of World

The European Parliament will vote on whether to cut EU tariffs on some US imports. CHARLY TRIBALLEAU / AFP/File
The European Parliament will vote on whether to cut EU tariffs on some US imports. CHARLY TRIBALLEAU / AFP/File

European Union lawmakers are on track to give a green light -- with conditions -- Thursday to the bloc's tariff deal with US President Donald Trump, which Europe hopes to salvage while also racing to diversify its trade ties around the globe.

Brussels and Washington clinched the deal last summer that had set tariffs at 15 percent for most EU goods.

But Trump's 2025 tariff blitz, including hefty levies on steel, aluminium and car parts, has jolted the 27-country bloc into cultivating trade ties around the world.

From deals signed with South America to Australia, the EU has its eyes on many prizes.

But that doesn't mean the EU intends to walk away from the 1.6 trillion euro ($1.9 trillion) relationship with its main trade partner, the United States, AFP reported.

The European Parliament is voting Thursday on whether to cut EU tariffs on some US imports -- as a first step towards implementing the 2025 deal -- but with additional safeguards.

The potential green light comes after months of delay as lawmakers resisted approving the accord due to transatlantic tensions over Greenland -- and then put it on hold again following the US Supreme Court's ruling striking down Trump's levies.

The ball started rolling again after the European Commission, in charge of EU trade policy, said it would stick to the pact despite the US ruling and called on lawmakers to do the same, having received reassurances from Washington.

Trump, however, retaliated after the ruling with a new tariff regime -- pushing EU lawmakers to tighten the existing agreement with numerous safeguards.

- Losing access to US energy? -

Lawmakers leading on trade have added several provisions: making an EU tariff reduction automatically lapse in March 2028, and tying tariff cuts on steel and aluminium goods to similar reductions by the US side.

Not all members of the parliament are convinced. French EU lawmakers from the centrist Renew group have said they will vote against the agreement.

"The only political value this agreement had to offer was stability and predictability, even if many say it's an unfair deal. If it no longer even provides predictability, there's no reason to support the deal, even if it has been improved," said MEP Pascal Canfin.

The United States has urged the bloc to implement the agreement.

Washington's ambassador to the EU Andrew Puzder told the Financial Times that if the bloc delayed further, it risked losing "favorable" access to US liquefied natural gas at a time when the Middle East war has led to surging energy costs.

Before the US tariff deal is implemented by the bloc, it still needs to be negotiated with EU member states -- although Brussels hopes talks will go quickly.

- 'Trump factor' -

It is the EU's vulnerability to the consequences of wars and other shocks that has pushed Commission chief Ursula von der Leyen to make diversifying trading partners a priority, to cut overdependence on the United States and China.

The frenzy began with a long-awaited accord signed with the South American Mercosur bloc in January. Weeks later, Brussels struck another pact with India and just this week clinched a stalled deal with Australia.

"The Trump factor sped up their conclusion, for us as well as for our partners," economist Andre Sapir said.

Spurred by Trump, Sapir said, the EU has been pushing to create the world's largest network of free trade areas -- a strategy with a "defensive dimension" allowing it to resist trade "coercion".

"This free trade network carries weight in our discussions with the two giants, the United States and China," he said.

"These agreements are part of our arsenal," Sapir, of the Bruegel think tank, added. "Our strategic weapons in the international order."

Business

China Shipping Giant Cosco Resumes Bookings to Some Gulf Countries

A cargo ship operated by Cosco Shipping is docked at the foreign trade container terminal of Qingdao Port, operated by Shandong Port Group, in China's eastern Shandong province on March 25, 2026. (Photo by CN-STR / AFP)
A cargo ship operated by Cosco Shipping is docked at the foreign trade container terminal of Qingdao Port, operated by Shandong Port Group, in China's eastern Shandong province on March 25, 2026. (Photo by CN-STR / AFP)
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China Shipping Giant Cosco Resumes Bookings to Some Gulf Countries

A cargo ship operated by Cosco Shipping is docked at the foreign trade container terminal of Qingdao Port, operated by Shandong Port Group, in China's eastern Shandong province on March 25, 2026. (Photo by CN-STR / AFP)
A cargo ship operated by Cosco Shipping is docked at the foreign trade container terminal of Qingdao Port, operated by Shandong Port Group, in China's eastern Shandong province on March 25, 2026. (Photo by CN-STR / AFP)

Chinese shipping giant Cosco said on Wednesday that it was resuming new bookings for container shipments to some Gulf countries, after a three-week suspension in response to the Middle East war.

The state-owned, Shanghai-based firm was among several major shipping groups to pause operations in the Strait of Hormuz, a key waterway through which one-fifth of the world's oil and gas passes normally.

Tehran has said several times it was not targeting friendly nations, but transits through the Strait had nevertheless largely ground to a halt.

Iran said in a statement circulated by the International Maritime Organization on Tuesday that "non-hostile vessels" would be granted safe passage through the waterway.

Cosco "resumed new bookings for general cargo containers for shipments" from the "Far East" to the UAE, Saudi Arabia, Bahrain, Qatar, Kuwait, and Iraq "with immediate effect", according to a company statement.

It did not mention shipments travelling in the opposite direction, from the Gulf.

"New booking arrangements and the actual carriage are subject to change due to the volatile situation in the Middle East region," it added.

Cosco, which operates one of the world's largest oil tanker fleets, announced on March 4 that it would suspend new bookings for services for routes through the Strait of Hormuz owing to the "escalating conflicts in the Middle East region and resultant restrictions on maritime traffic".

Business

Qatar Emir Makes Minor Changes to QIA Board

People visit a mall in Doha on March 23, 2026. (Photo by AFP)
People visit a mall in Doha on March 23, 2026. (Photo by AFP)
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Qatar Emir Makes Minor Changes to QIA Board

People visit a mall in Doha on March 23, 2026. (Photo by AFP)
People visit a mall in Doha on March 23, 2026. (Photo by AFP)

Qatar's Emir Sheikh Tamim bin Hamad Al Thani issued a decree on Wednesday ⁠making minor changes to ⁠the board of the ⁠Qatar Investment Authority, while keeping Sheikh Bandar bin Mohammed bin Saud Al Thani as chairman and Sheikh ⁠Mohammed ⁠bin Hamad bin Khalifa Al Thani as deputy chairman.

The decision stipulated that QIA’s Board of Directors would be restructured as follows: Sheikh Bandar bin Mohammed bin Saud Al Thani as Chairman, Sheikh Mohammed bin Hamad bin Khalifa Al Thani as Deputy Chairman, Ali bin Ahmed Al Kuwari as a member, Saad bin Sherida Al Kaabi as a member, Sheikh Faisal bin Thani bin Faisal Al-Thani as a member, Nasser bin Ghanim Al Khelaifi as a member, and Hassan bin Abdullah Al Thawadi as a member.

The decision is effective starting from its date of issue and is to be published in the official gazette.