Turkey's Oil Import Broke a Record in July!

Türkiye's imports of petroleum and petroleum products showed a significant increase in July 2023. Compared to the same month last year, a total of 4 million 853 thousand 924 tons of petroleum and petroleum products were imported, with an increase of 12%. This reveals how critical the country's dependence on foreign sources has become to meet its energy needs.

According to the report prepared by the Energy Market Regulatory Authority, a similar growth was observed in raw materials, which constitute the largest item within Türkiye's total petroleum imports. Crude oil imports increased by 11.7% in July, reaching 2 million 922 thousand 330 tons. This situation is interpreted as being directly linked to the increase in domestic demand and fluctuations in global markets.

In the first seven months of the year, Türkiye's petroleum imports were recorded at a total of 31 million 200 thousand tons. This figure is a remarkable indicator in terms of the country's strategic energy planning and nationalization efforts. The increase in imports ran parallel with relatively low oil prices and rising industrial demand. Thus, it once again demonstrated how petroleum demand is linked to economic growth.

Among petroleum products, final consumption products such as diesel and gasoline also showed an increase. This situation can be partly attributed to the increased travel and transportation activities with the arrival of the summer months. Declining international oil prices and economic developments within the country offer a significant opportunity for Türkiye's measures against the energy crisis.

All of these play a critical role in shaping Türkiye's energy strategy. The increase in imports serves the purpose of continuing the country's efforts to ensure energy supply security. Considering these developments across all sectors, Türkiye's future energy planning and sustainability goals could also be decisive in international relations.