Turkey’s biggest oil refiner, Tupras, has ordered Nigerian crude oil for delivery between March and April 2025, in a move that could help boost Nigeria’s oil revenues as the country seeks to increase exports.
According to shipping data from global tracking firm Kpler, the exact volume of Nigerian oil was not stated, but the cargoes are expected to be delivered within a two-month window.
Lifeline for Nigeria’s Budget
This comes as Nigeria looks to fund its 2025 budget largely from oil revenue, which is expected to account for more than half of total funding. Crude oil also brings in about 90 per cent of Nigeria’s foreign exchange.
But Nigeria’s oil exports are under pressure. Indonesia, one of Nigeria’s major customers, recently said it would cut back on crude imports from several countries, including Nigeria, and increase purchases from the United States instead. The country is reportedly planning to spend around $10 billion on American crude and LPG.
Tupras Diversifies Supply
Aside from Nigeria, Tupras has also purchased crude oil from Guyana, Libya, and Norway for March and April. The company runs two refineries in Turkey Izmit and Izmir with a combined capacity of about 467,300 barrels per day.
Tupras had earlier stopped buying Russian oil due to US sanctions but has now resumed after prices for Russian Urals crude fell below the $60-per-barrel cap imposed by the G7, EU, and Australia. This price drop made Russian crude attractive again despite sanctions on shipping and insurance services.
One of the shipments, carried by the Nissos Christiana, left Russia on 3 April with around 730,000 barrels and is expected at the Izmit refinery on 21 April.
Global Market Shifts
Tupras has also recently bought its first shipment of Brazilian oil, part of a larger plan to reduce reliance on any one supplier.
Meanwhile, global oil demand is projected to rise by about 730,000 barrels per day this year. Still, experts say the market remains unstable due to political and regulatory changes in major oil-producing regions.
As Nigeria continues to seek new buyers and defend its market share, deals like this with Tupras offer a much-needed boost to export earnings and budget support.