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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

European Oil and Gas Stocks Hit Record High, Surpassing 2007 Level

The chimneys of the Total Grandpuits oil refinery are seen just after sunset, southeast of Paris, France, March 1, 2021. REUTERS/Christian Hartmann
The chimneys of the Total Grandpuits oil refinery are seen just after sunset, southeast of Paris, France, March 1, 2021. REUTERS/Christian Hartmann
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European Oil and Gas Stocks Hit Record High, Surpassing 2007 Level

The chimneys of the Total Grandpuits oil refinery are seen just after sunset, southeast of Paris, France, March 1, 2021. REUTERS/Christian Hartmann
The chimneys of the Total Grandpuits oil refinery are seen just after sunset, southeast of Paris, France, March 1, 2021. REUTERS/Christian Hartmann

The European oil and gas stocks index hit a record high on Monday, surpassing a previous record hit in 2007, helped in recent weeks by a rise in the price of oil, Reuters reported.

At 1450 in London the basket was up 1.5%. Oil and gas names have added 17% year-to-date versus a 6.5% rise for the pan-European STOXX 600 index.

Brent rose as high as $72.44 a barrel on Monday a six month high. It has risen nearly 19% so far in 2026 as investors worry about US military action in Iran.

Business

Oil Hovers Near Six-month High with Nuclear Talks and US Tariffs in Focus

Oil platforms and pumpjacks at Lake Maracaibo, in Cabimas, Venezuela, January 26, 2026. REUTERS/Leonardo Fernandez Viloria/File Photo
Oil platforms and pumpjacks at Lake Maracaibo, in Cabimas, Venezuela, January 26, 2026. REUTERS/Leonardo Fernandez Viloria/File Photo
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Oil Hovers Near Six-month High with Nuclear Talks and US Tariffs in Focus

Oil platforms and pumpjacks at Lake Maracaibo, in Cabimas, Venezuela, January 26, 2026. REUTERS/Leonardo Fernandez Viloria/File Photo
Oil platforms and pumpjacks at Lake Maracaibo, in Cabimas, Venezuela, January 26, 2026. REUTERS/Leonardo Fernandez Viloria/File Photo

Oil prices steadied near a six-month high on Monday as the US and Iran prepared for a third round of nuclear talks while increased economic uncertainty was also in focus after the latest US tariff upheaval.

Brent crude futures were up 9 cents at $71.85 a barrel by 1308 GMT while US West Texas Intermediate crude gained 15 cents to $66.63, Reuters reported.

Growing concern over potential military conflict between the US and Iran pushed Brent prices up more than 5% last week to their highest since July 2025 at $72.34.

"With the next, and possibly last, round of the Iranian nuclear talks not until Thursday, focus is on the US Supreme Court’s decision to strike down import tariffs and the subsequent reaction from the government," said PVM Oil Associates analyst Tamas Varga.

The US Customs and Border Protection agency said it would halt collections of tariffs imposed under the International Emergency Economic Powers Act at 12:01 a.m. EST (0501 GMT) on Tuesday.

However, Trump said on Saturday that he would raise a temporary tariff from 10% to 15% on US imports from all countries, the maximum allowed under the law, after the US Supreme Court struck down his previous tariff program.

"This morning’s weakness is a defensive move, and needless to say, with the uncertainty surrounding a US military intervention in Iran, the ongoing Russian-Ukrainian war and now the US Supreme Court’s decision, oil price direction is not (clear), but volatility is guaranteed," PVM's Varga said.

Iran has indicated it is prepared to make concessions on its nuclear program in return for the lifting of sanctions and recognition of its right to enrich uranium, a senior Iranian official told Reuters ahead of Thursday's third round of nuclear talks between the two nations.

While prices on paper had moved higher, softer prompt spreads and weaker physical differentials pointed to pricing being based on geopolitical concerns rather than an actual lack of oil in the market, Morgan Stanley analysts said in a note.

Business

Chevron, Iraq Agree to Exclusive Talks Over West Qurna 2 Oilfield 

A view of West Qurna oilfield is seen in Basra, southeast of Baghdad, March 29, 2014. (Reuters)
A view of West Qurna oilfield is seen in Basra, southeast of Baghdad, March 29, 2014. (Reuters)
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Chevron, Iraq Agree to Exclusive Talks Over West Qurna 2 Oilfield 

A view of West Qurna oilfield is seen in Basra, southeast of Baghdad, March 29, 2014. (Reuters)
A view of West Qurna oilfield is seen in Basra, southeast of Baghdad, March 29, 2014. (Reuters)

Chevron has entered into exclusive talks with Iraq over the giant West Qurna 2 oilfield, moving closer to acquiring the field from sanctioned Russian oil firm Lukoil.

The talks, which Chevron said will include the exchange of confidential data, could expand the US oil major's footprint in ‌Iraq after ‌the country decided to nationalize the West ‌Qurna 2 ⁠field and unwind ⁠Lukoil's interest in the project.

Iraq nationalized the field last month after the US imposed sanctions on Lukoil to put pressure on Russia to end its war in Ukraine.

EXCLUSIVE NEGOTIATION RIGHTS FOR ONE YEAR

Iraqi Prime Minister Mohammed Shia al-Sudani's office confirmed the signing of the deal between Chevron and the Basra Oil Company.

The agreement between ⁠BOC, Lukoil and Chevron allows for the temporary ‌transfer of the West Qurna ‌2 contract to BOC, which will subsequently assign it to Chevron after ‌terms of the new contract are agreed, al-Sudani's office said in ‌a statement.

Chevron will have exclusive negotiation rights for one year, al-Sudani's office said.

Iraq's government must approve the agreements, and certain steps are contingent upon other approvals including from the US Office of Foreign ‌Assets Control, Chevron said.

Competitive economic terms will be essential to upcoming negotiations, Chevron added.

'AMICABLE SETTLEMENT' WITH ⁠LUKOIL

The Iraqi ⁠cabinet approved last week an "amicable settlement" with Lukoil over the transfer of operations of the oilfield to BOC. Lukoil has until February 28 to sell its assets under the sanctions.

West Qurna, one of the world's largest oilfields, accounts for about 0.5% of global oil supply and nearly 10% of Iraq's output.

A deal for Chevron in West Qurna 2 would mark a further push into Iraq for the US oil major.

It has agreed to develop several fields in the country as part of an international expansion since completing a deal to acquire US oil producer Hess for $53 billion in 2025.