Turkey’s largest oil refiner, Tupras, has placed orders for Nigerian crude oil cargos scheduled for delivery in March and April, a move that could significantly boost Nigeria’s revenue amidst ongoing efforts to increase its oil exports.
According to shipping data from the global commodity tracker, Kpler, while the precise volume of the Nigerian cargoes remains undisclosed, they are expected to be delivered within the two-month window. This development aligns with Nigeria’s goal of ramping up its crude oil exports to support the 2025 national budget.
Oil sales account for approximately 90% of Nigeria’s foreign exchange earnings, with crude revenues anticipated to cover 56% of the 2025 national budget. However, Nigeria’s oil earnings are under pressure due to changes in global demand, particularly from key buyers like Indonesia. Indonesia recently announced plans to cut back on crude imports from some countries, while significantly increasing imports of crude and LPG from the United States by about $10 billion.
In addition to Nigerian crude, Tupras has also placed orders for cargoes from Guyana, Libya, and Norway for the same March-April window. Tupras operates two major refineries in Turkey—Izmit and Izmir—with a combined processing capacity of 467,300 barrels per day.
Recently, Tupras resumed purchases of Russian Urals crude, after halting imports earlier this year due to tightening US sanctions. According to Reuters, Tupras is returning to the Russian market after the price of Urals crude dropped to its lowest levels since 2023, falling below the $60-per-barrel price cap imposed by the G7, EU, and Australia.
Tupras had been one of the leading importers of Russian crude following Russia’s invasion of Ukraine in 2022, with Russian oil accounting for 65% of Turkey’s crude imports between January and November 2024. However, it suspended Russian imports in February in response to US sanctions.
Trading sources indicate that Tupras is expected to receive at least two cargoes of Urals crude in April. One of the vessels, Nissos Christiana, is expected to arrive at Tupras’ Izmit refinery on April 21. Tupras is also diversifying its sources by purchasing Brazilian crude for the first time.
Despite market uncertainty, global oil demand is projected to increase by 730,000 barrels per day in 2025, even as geopolitical and regulatory challenges persist.
