Turkey's Energy Security: Diversification Amid Middle East Tensions

Despite ongoing conflicts in the Middle East, Turkey's reliance on oil from the region remains at a manageable 10%, according to Energy Minister Alparslan Bayraktar. Speaking on a state-run Anadolu Agency program, Bayraktar emphasized that there are currently no issues with supply, thanks to Turkey's proactive diversification efforts.

The minister highlighted the potential financial impact of rising oil prices, noting that a mere $1 increase per barrel could add $400 million to Turkey's energy costs. While no natural gas supply cuts from Iran have occurred, Bayraktar cautioned against future disruptions and discussed ongoing initiatives to mitigate such risks.

Turkey is advancing its energy diversification by planning a hydrocarbon agreement with TotalEnergies and other deals with major oil companies. Efforts include Turkish Petroleum's preliminary agreements with Exxon and Chevron, as well as collaborative exploration with Shell. Furthermore, discussions to connect Syrian oil flow to the Iraq-Turkey pipeline are underway.