Ankara [Turkey], April 8: Türkiye is not facing any problems regarding energy supply security due to the Iran war, but the situation is "volatile," Energy and Natural Resources Minister Alparslan Bayraktar was quoted as saying by Turkish media on Tuesday.
"We hope the war will not last any longer. But the process is currently under our control," Bayraktar told reporters on Monday evening after a Cabinet meeting.
"There is no problem or difficulty in energy supply security."
Türkiye is a major energy importer that borders Iran and is among the emerging market economies most exposed to the global jump in energy prices.Bayraktar said in late March that Türkiye's dependence on Middle East oil was at a "manageable" 10% of total supplies and that the country had taken protective diversification steps.
Iranian forces effectively shut the Strait of Hormuz, through which about one-fifth of global oil supply is normally shipped, after U.S. and Israeli attacks began on Feb. 28, sending energy prices soaring.
At the time, he said every $1 increase in oil prices adds about $400 million to Türkiye's energy bill, while there had not been any natural gas supply cuts so far from Iran, Türkiye's fourth-largest supplier last year.
International Brent crude rose by 60% in March, a record monthly increase.
Brent crude futures were down 95 cents, or 0.9%, at $108.82 a barrel by 0920 GMT.On Monday, Bayraktar told reporters that he had spoken with the Hungarian foreign minister and discussed the issue of protecting the security of the TurkStream pipeline, which carries Russian natural gas to southern Europe through the Black Sea and Türkiye.
Source: Qatar Tribune