Turkey's energy imports soar by 39 percent in Q1
Turkey has paid almost $9.1 billion on energy imports in the first quarter of 2017, a 39 percent increase compared to the same period last year.
According to foreign trade statistics, in the first quarter, Turkey total import was recorded at around $50.39 billion, of which $9.1 billion was composed of products summarized as energy import, such as mineral fuels, mineral oils and products obtained by their distillation, bituminous materials and mineral waxes.
Turkey's energy imports, which has amounted to $6.49 billion in the first quarter of 2016, increased by 38.7 percent in the same period this year, reaching $9.1 billion.
Regarding the increase, Energy Market and Policies Institute (EPPEN) Chairman Volkan Özdemir recalled the fact that oil prices were at their lowest, $30 a barrel on average, in the first quarter of 2016. However, prices were at around $50 in the same period this year, up by almost a third.
Özdemir said, "This naturally affects Turkey too. Although there was no big difference in quantity, an increase in oil prices and petroleum-related natural gas prices negatively affected Turkey's energy imports."
He also pointed out the seasonal upturn in natural gas demands at households and industrial units as the cause behind a 39 percent rise in the first quarter of the year.
He also noted that in Turkey natural gas usage increases substantially during the winter months,
"The main reason behind the increased expenses in energy imports is the rising oil prices. While the second reason is the seasonal demand," Özdemir said.
According to foreign trade statistics, in the first quarter, Turkey total import was recorded at around $50.39 billion, of which $9.1 billion was composed of products summarized as energy import, such as mineral fuels, mineral oils and products obtained by their distillation, bituminous materials and mineral waxes.
Turkey's energy imports, which has amounted to $6.49 billion in the first quarter of 2016, increased by 38.7 percent in the same period this year, reaching $9.1 billion.
Regarding the increase, Energy Market and Policies Institute (EPPEN) Chairman Volkan Özdemir recalled the fact that oil prices were at their lowest, $30 a barrel on average, in the first quarter of 2016. However, prices were at around $50 in the same period this year, up by almost a third.
Özdemir said, "This naturally affects Turkey too. Although there was no big difference in quantity, an increase in oil prices and petroleum-related natural gas prices negatively affected Turkey's energy imports."
He also pointed out the seasonal upturn in natural gas demands at households and industrial units as the cause behind a 39 percent rise in the first quarter of the year.
He also noted that in Turkey natural gas usage increases substantially during the winter months,
"The main reason behind the increased expenses in energy imports is the rising oil prices. While the second reason is the seasonal demand," Özdemir said.