Turkey's oil imports up 48.1 percent in January

Turkey's oil imports up 48.1 percent in January

Turkeys oil imports up 48.1 percent in January

Turkey’s crude oil imports increased by 48.1 percent to 2.2 million tons in January 2019 compared to the same month of 2018, according to a report released by the country’s energy watchdog on Tuesday.

Moreover, the country’s overall imports of oil products increased by 18.4 percent in January to 3.1 million tons compared to January 2018, Turkey’s Energy Market Regulatory Authority (EMRA) said.

The production of oil refinery products increased by 26.7 percent to 2.3 million tons. In addition, diesel and gasoline production was up by 7 and 13.9 percent, reaching nearly 816,000 tons and 447,000 tons, respectively.

In January, total fuel sales fell by 7.9 percent to 2 million tons compared to the same month last year.

Global energy demand

Meanwhile, according to a report by International Energy Agency’s (IEA), released yesterday, energy demand worldwide reached its fastest pace this decade and saw a 2.3 percent growth last year, driven by a robust global economy and stronger heating and cooling demand in some regions

Oil demand rose by 1.3 percent in 2018, led by strong growth in the United States.

“The United States and China showed the largest overall growth, while demand fell in Japan and Korea and was stagnant in Europe,” the reports said.

Natural gas consumption grew by an estimated 4.6 percent, its largest increase since 2010 when gas demand bounced back from the global financial crisis.

Renewables increased by 4 percent, accounting for almost one-quarter of global energy demand growth. The power sector led the gains, with renewables-based electricity generation increasing at the fastest pace this decade.

Energy consumption worldwide grew by 2.3 percent in 2018, nearly twice the average rate of growth since 2010.

As a result of higher energy consumption, global energy-related CO2 emissions increased to 33.1 gigatonnes of CO2, up by 1.7 percent on an annual basis, the report said.

Turkish economy,