Türkiye Agrees with Russia Request to Lift Fertilizer Export Obstacles

Turkish Foreign Minister Mevlut Cavusoglu meets his Russian counterpart Sergei Lavrov in Ankara, Türkiye April 7, 2023. (Russian Foreign Ministry/Handout via Reuters)
Turkish Foreign Minister Mevlut Cavusoglu meets his Russian counterpart Sergei Lavrov in Ankara, Türkiye April 7, 2023. (Russian Foreign Ministry/Handout via Reuters)
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Türkiye Agrees with Russia Request to Lift Fertilizer Export Obstacles

Turkish Foreign Minister Mevlut Cavusoglu meets his Russian counterpart Sergei Lavrov in Ankara, Türkiye April 7, 2023. (Russian Foreign Ministry/Handout via Reuters)
Turkish Foreign Minister Mevlut Cavusoglu meets his Russian counterpart Sergei Lavrov in Ankara, Türkiye April 7, 2023. (Russian Foreign Ministry/Handout via Reuters)

Türkiye’s foreign minister said on Friday he agreed with Russia's request to lift obstacles to Russian fertilizer and grain exports, and that this needed to be addressed to extend the overall Black Sea grain deal involving Ukraine.

Mevlut Cavusoglu told a news conference in Ankara, alongside Russian Foreign Minister Sergei Lavrov, that Türkiye was committed to extending the UN-sponsored deal ensuring safe passage of grains and other commodities from Ukrainian ports.

"We attach importance to the continuation of the agreement...not only for Russia and Ukraine's grain and fertilizer exports, but also for stopping the world food crisis," Cavusoglu said.

"We also agree that the obstacles to the export of Russian grain and fertilizer should be removed. Issues need to be addressed for the grain deal to be extended further," he said.

Lavrov said the two top diplomats discussed the grain deal, a potential gas hub in Türkiye, the conflict in Syria, and Ukraine.

NATO member Türkiye has positioned itself as an intermediary between Kyiv and Moscow in the 13-month conflict, brokering with the United Nations the only significant diplomatic breakthrough so far.

The deal agreed last July ensures safe passage of vessels despite a Russian naval blockade of Ukraine's ports.

Last month, Russia said it would extend the agreement for another 60 days despite the UN, Ukraine and Türkiye pushing for a repeat 120-day rollover.



Oil Dips as Economic Concerns, Supply and Demand Expectations Weigh

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
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Oil Dips as Economic Concerns, Supply and Demand Expectations Weigh

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo

Oil prices slipped on Thursday after surging in the previous session on a larger-than-expected draw in US gasoline stocks, as markets weighed macroeconomic concerns and demand versus supply expectations. Brent futures were down 30 cents to $70.65 a barrel at 1140 GMT, while US West Texas Intermediate crude futures fell 31 cents to $67.37 a barrel.

Both benchmarks rallied about 2% on Wednesday after US government data showed tighter-than-expected oil and fuel inventories.

US gasoline inventories fell by 5.7 million barrels, more than the 1.9 million-barrel draw expected by analysts, while distillate stocks also dropped more than anticipated, despite gains in crude stocks, Reuters reported.

"Declining US gasoline inventories raised expectations for a seasonal demand increase in spring, but concerns about the global economic impact of tariff wars weighed on the market," said Hiroyuki Kikukawa, chief strategist at Nissan Securities Investment.

"With strong and weak factors progressing simultaneously, it has become difficult for the market to lean decisively in one direction or the other," he added. US President Donald Trump threatened on Wednesday to escalate a global trade war with further tariffs on European Union goods, as major US trading partners said they would retaliate for trade barriers already erected by the US president.

Trump's focus on tariffs has rattled investors, consumers and business confidence, and raised US recession fears. With the US president's stated commitment to cheaper oil, Citi analysts said their outlook for Brent by the second half of 2025 is $60 a barrel.

Global oil supply could

exceed demand

by around 600,000 barrels per day this year, the International Energy Agency said on Thursday, revising down its 2025 demand growth forecast. Meanwhile, the Organization of the Petroleum Exporting Countries said on Wednesday that Kazakhstan led a sizeable jump in February crude output by the wider OPEC+, highlighting a challenge for the producer group in enforcing adherence to agreed output targets, even as it intends to unwind production cuts.

Worries about flagging jet fuel demand weighed further on markets, with JP Morgan analysts saying that US Transportation Security Administration data showed "passenger volumes for March have decreased by 5% year-over-year, following stagnant traffic in February".

However, recent firm global demand numbers limited overall market weakness.

"As of March 11, global oil demand averaged 102.2 million barrels per day, expanding 1.7 million barrels per day year-over-year and exceeding our projected increase for the month by 60,000 barrels per day," the JP Morgan analysts added.