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Turkiye can not easily replace its Russian oil supply from elsewhere, says Bayraktar

09 March 2022 11:04 (UTC +04:00)

Turkiye will continue to buy Russian oil and hopes sanctions on Iran are lifted, bringing additional supplies to meet global demand, Energy Minister Alparslan Bayraktar said on Tuesday, APA-Economics reports citing Reuters.

Turkiye relies on Russia for 45% of its natural gas demand, 17% of oil and 40% of its gasoline, he said in remarks on the sidelines of the CERAWeek energy conference.

“The world needs more oil,” he said. “It needs to come from somewhere, from the U.S., from Venezuela, from Iran, Saudi Arabia, or wherever we need it to be.”

Bayraktar said Turkiye could not easily replace its Russian oil supply from elsewhere, adding “they have been old, reliable suppliers”.

“All of a sudden we went down to zero,” he said. “And now we cannot have another supply disruption, this time in Russia.”