Business
Turkey’s Tupras Orders Nigerian Crude for March, April Deliveries
Tupras, Turkey’s largest oil refiner, has ordered Nigerian crude oil cargoes for delivery in March and April—a development that could provide a revenue boost for Nigeria as it seeks to ramp up exports and fund its 2025 budget.
According to global commodity tracker Kpler, the exact volume of Nigerian crude ordered was not disclosed, but deliveries are expected within a two-month window. The move comes as Nigeria intensifies efforts to increase crude exports, which are projected to fund 56 percent of the country’s 2025 budget.
Oil sales account for around 90 percent of Nigeria’s foreign exchange earnings. However, the country’s earnings remain vulnerable to global demand shifts. One of Nigeria’s key buyers, Indonesia, recently announced a significant pivot in its energy sourcing strategy—cutting back on purchases from other countries while increasing imports of crude oil and LPG from the United States, estimated at $10 billion.
In addition to Nigeria, Tupras has also ordered cargoes from Guyana, Libya, and Norway for March and April, based on Kpler data.
Tupras operates major refineries in Izmit and Izmir with a combined capacity of 467,300 barrels per day, according to the London Stock Exchange Group. The company recently resumed purchases of Russian Urals crude, after halting imports earlier this year due to expanded U.S. sanctions.
According to Reuters, Tupras returned to the Russian oil market after prices for Urals crude dropped below the $60-per-barrel price cap imposed by the G7, EU, and Australia. This cap limits access to Western shipping and insurance services for oil sold above the threshold. Since October, the U.S. Treasury has sanctioned several tankers suspected of violating the cap.
Tupras was one of the largest importers of Russian crude following the 2022 invasion of Ukraine, with Russian oil making up 65 percent of Turkey’s crude imports between January and November 2024. However, the company suspended purchases in February 2025 amid rising pressure from U.S. sanctions.
Now resuming Russian imports, Tupras is set to receive at least two cargoes of Urals crude in April. One shipment, aboard the vessel Nissos Christiana, reportedly departed from Russia’s Ust-Luga port on April 3 with approximately 730,000 barrels and is scheduled to arrive at the Tupras refinery in Izmit on April 21, according to Kpler.
While details on the second Russian cargo are still pending, Tupras continues to diversify its supply base. The company recently made its first-ever purchase of Brazilian crude to reduce reliance on Russian oil.
Meanwhile, global oil demand is expected to rise by 730,000 barrels per day in 2025, even as geopolitical tensions and regulatory uncertainty keep markets on edge.