Turkish Energy Minister: No Oil and Gas Supply Crisis Due to Regional Escalation

Istanbul, March 18 (KUNA) -- Turkish Minister of Energy and Natural Resources Alparslan Bayraktar said that the military escalation in the Middle East is affecting global energy markets, “but it is not causing a crisis in Turkey’s oil and gas supplies.” In an interview with Turkey’s NTV channel on Wednesday, Bayraktar explained that airstrikes on Iran and Tehran’s responses have heightened regional tensions, impacting the economy and energy sector and creating multi-dimensional geopolitical shifts. He noted that the closure of the Strait of Hormuz could trigger a global supply crisis, as it is a key global oil transit route. “We do not depend on Hormuz. The Turkish Petroleum Pipeline Corporation secures liquefied natural gas from about 12 countries, in addition to importing gas via pipelines from four countries, so we have not faced any supply security issues so far,” he added. Bayraktar clarified that Turkey has followed a strategy of diversifying energy sources over the past ten years, while continuing exploration and production activities in the Black Sea, the Mediterranean, and abroad. He said the goal was to build an energy system capable of self-sufficiency, reducing external dependence, and ensuring supply security. The minister announced that Iraqi oil flowing into Turkey via northern Iraq began on Wednesday at a daily rate of 170,000 to 250,000 barrels. Bayraktar noted that the pipeline’s total capacity reaches 1.5 million barrels per day, emphasizing that this route is gaining greater importance amid the closure of the Strait of Hormuz. Earlier on Wednesday, Iraq’s North Oil Company announced the resumption of oil exports through the Turkish port of Ceyhan, following a halt since 2023. (End) On March 2, Iran announced restrictions on navigation in the Strait of Hormuz and stated it would attack any ships attempting to cross the strategic passage without coordinating with it. (NA/FA)