Iran becomes Turkey’s biggest crude oil exporter, signals more gas sales

Iran becomes Turkey’s biggest crude oil exporter, signals more gas sales

Iran becomes Turkey’s biggest crude oil exporter, signals more gas sales

Turkey saw a massive increase of 142 percent in its crude oil imports from Iran in the first seven months of 2017, compared to the same period last year, according to data gathered from the Turkish energy watchdog’s monthly report published in late September.

Iran also signaled a rise in its gas exports to Turkey on Oct. 4 during Turkish President Recep Tayyip Erdoğan’s visit to Tehran.

Turkey imported 7.4 million tons in the first seven months of 2017 compared to 3 million in the January-July 2016 period, the Energy Market Regulatory Authority (EPDK) data showed, as reported by state-run Anadolu Agency on Oct. 4.

Iraq had been the biggest crude oil exporter to Turkey in the last three years, but in the January to July 2017 period, Iraq’s crude oil exports to Turkey decreased by 20.5 percent from 5.4 million tons to 4.3 million tons.

Turkey imported 24.9 million tons of crude oil in total, mainly from Iraq, Iran, Russia, Kuwait and Saudi Arabia.

Last year, Turkey’s oil imports from these five countries represented 96.6 percent of the country’s total crude oil imports. Iraq supplied 9.2 million tons, Iran supplied 6.9 million tons, Russia supplied 3.2 million tons, Kuwait supplied 2.5 million tons and Saudi Arabia supplied 2.1 million tons.

In the January-June period of 2017, Turkey’s crude oil imports increased from 13.1 million tons in the same period of 2016 to 14.5 million tons.

Iraq’s share decreased from 41.5 percent to 29.7 percent among the five biggest crude oil exporters to Turkey during this period.

Iran, with 7.4 million tons of crude oil exports to Turkey, increased its share from 23.3 percent to 50.9 percent among the top five crude oil exporting countries to Turkey.

 More gas to Turkey

 Iran will pump more natural gas to Turkey as part Tehran’s plans to expand its economic ties with its neighbor, Iranian President Hassan Rouhani told a joint news conference with his Turkish counterpart in Tehran, state TV reported on Oct. 4.
“During our meeting today, we agreed to widen our economic ties... Turkey will import more gas from Iran... meetings will be held next week to discuss the details,” Rouhani said after his meeting with Erdoğan.