Increase of oil price to $70-75 a barrel will have positive impact on trade links of Turkey with Azerbaijan, the CEO of the International Transporters' Association (UND) Fatih Åžener said.
“The deal between OPEC and non-OPEC members on output cut may cause oil price to rise to $70-75. This might have several negative impacts, however, Turkey’s trade turnover with oil producing countries will increase. Turkey’s Economy Ministry forecasts export in 2017 at $155 billion. In 2013, the trade turnover between Turkey and Northern Iraq made up $12 billion. But now, this figure makes up $6 billion. This was caused by dependence of Iraq’s economy on oil. As Azerbaijan, Kazakhstan and Russian economies are also depending on oil, sharp decline in raw material had negative impact on trade turnover with Turkey. These countries were main trade partners of Turkey. If oil price rises, Turkey’s export to these counties will increase”, he said.
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