17.06.2025 12:40
The Minister of Energy and Natural Resources, Alparslan Bayraktar, stated that there is no issue with the supply of natural gas and oil following the Iran-Israel conflict. Bayraktar noted that Turkey has not imported oil from Iran since 2019 and mentioned that natural gas prices may rise.
Israel launched a large-scale air operation against Iran in the early hours of June 13. After the attack, attention turned to the Strait of Hormuz, an important transit route for oil and natural gas trade. The narrow waterway at the mouth of the Persian Gulf, the Strait of Hormuz, transports oil and LNG (liquefied natural gas) from the Middle East to global markets via the Oman Sea and the Indian Ocean.
"OIL PRICES IMMEDIATELY SHOWED THEMSELVES"
Bayraktar stated after the cabinet meeting that the Israel-Iran conflict could create a negative situation in oil supply. Emphasizing that oil prices have risen, Minister Bayraktar said, "There may be a negative situation regarding global supply. Prices have already shown themselves immediately. They are going up a bit. Could they go up further? They could, but we do not see a problem on the supply side."
"NATURAL GAS PRICES MAY GO UP"
Bayraktar noted that Turkey has not imported oil from Iran since 2019 and continued:
"There is a crude oil supply coming from Basra, passing through Hormuz to Turkey. It is about 20% compared to last year's figures. We need to replace it somehow. The most significant impact here will be in terms of the increase in the import item on a macro level. Oil prices have risen from around 60 dollars to 76 dollars. Similarly, there will be a reflection on natural gas. Natural gas prices may also go up. We do not see any issues with supply security. We are importing gas from Iran, but we are not buying oil. We do not see any problems with gas either."