Minister of Energy and Natural Resources Alparslan Bayraktar, while evaluating the impact of the attack launched by Israel against Iran on Türkiye's energy supply security, said, "We do not see any problems in supply security."
It Can Go Even Higher
Minister Bayraktar answered questions from reporters after the cabinet meeting. In response to the question, “Will the Iran-Israel war cause an oil crisis, will Turkey be affected by this?” Minister Bayraktar said, “It may create a negative situation regarding world supply. Prices showed themselves right away. They are going up a little. Can they go up even more? They may. But we do not see a problem on the supply side.”
If the Strait of Hormuz is Closed
Bayraktar, while answering a question about the possibility of the closure of the Strait of Hormuz, one of the world's most important oil transit points, said, "Turkey has not been purchasing any oil from Iran since 2019 anyway. There is a crude oil supply coming to Türkiye from the Persian Gulf via Iraq, passing through the Strait of Hormuz. According to last year's figures, it is around 20 percent. We need to replace it somehow."
The Most Important Impact is on Imports
Bayraktar, who also spoke about whether oil production in Şırnak Gabar could be an alternative to this, said, “We meet 8 percent of our oil needs from Gabar. But of course these can be substituted. The most important effect on us in the macro sense here will be the increase in imports. Oil, which was at 60 dollars, rose to 76 dollars. It will be reflected in natural gas in a similar way. The price of natural gas may also increase.”
We Buy Natural Gas
Bayraktar emphasized that they do not buy oil from Iran, but natural gas, and said, “We do not see any problems with gas either. We do not see any problems with supply security.”
