The U.S. Energy Information Agency (EIA) has described Turkey as an increasingly important transit hub for oil and natural gas supplies in its updated analysis on Friday.

The report said that unlike other OECD countries in Europe, Turkey has avoided lasting economic stagnation which has affected the majority of the continent in the past years.

Turkey's Bosporus and Dardanelles straits were described as some of the busiest straits, with more than 2 million barrels of crude oil flowing each day.

According to the report, Turkey's economy has expanded in the past decade, and has led to more consumption of petroleum and other liquids.

The construction of the Trans-Anatolian Natural Gas Pipeline (TANAP) is also under way, which will carry 16 billion cubic meters (bcm) of Azeri gas through Georgia to Turkey. While less than a third of the transferred gas will be used for Turkey's domestic consumption, the rest is destined for transfer to Greece, Albania, Italy and further into Europe.

The TANAP project is currently ahead of schedule and is expected to be operational by 2018.

One of the world's largest economies with very limited energy resources, Turkey has dedicated itself to investment projects that will diversify its energy sources in recent years.

The solar energy production capacity in 2016 rose to 819.6 megawatts, a 230 percent increase compared to only 248.8 megawatts at the end of 2015.

Turkey is planning to be home to the world's largest photovoltaic solar plant with an energy capacity of 1,000 megawatts by 2018 in its central Konya province.

The country has invested more than $10 billion to wind energy in the past decade, increasing the installed wind energy production capacity from 146 megawatts in 2007 to 5,500 megawatts in 2017.

The construction of the Akkuyu, Turkey's first nuclear power plant, is currently underway in the southern Mersin province and is expected to be operational by 2023. Two additional nuclear power plants are planned to be built after the construction is completed.