Mavi Boncuk |SOURCE
Turkey is an increasingly important transit hub for oil and natural gas supplies as they move from Central Asia, Russia, and the Middle East to Europe and other Atlantic markets.
Turkey is well placed to serve as a hub for oil and natural gas supply headed to Europe and other Atlantic markets from Russia, the Caspian region, and the Middle East (Figure 1). Turkey has been a major transit point for oil and is becoming more important as a transit point for natural gas. Significant volumes of Caspian oil are sent to Black Sea ports (such as Novorossisyk, Russia and Supsa, Georgia) and then to Western markets by tanker via the Turkish Straits (Bosporus and Dardanelles waterways). Caspian oil and oil from northern Iraq also cross Turkey by pipeline, through the Ceyhan oil terminal on Turkey's Mediterranean coast.
Turkey is primed to become a significant natural gas pipeline hub. However, currently most of its natural gas pipeline connections only bring natural gas into the country because growing demands have left little natural gas for export. Since 2010, Turkey has experienced some of the fastest growth in total energy demand among countries in the Organization for Economic Cooperation and Development (OECD). Unlike several other OECD countries in Europe, Turkey's economy has avoided the prolonged stagnation that has characterized much of the continent for the past several years.
The country has, however, faced some recent challenges. On November 24, 2015, Turkey shot down a Russian jet near the Turkey-Syria border. After the incident, Russian-Turkish relations were tense. Russia imposed various economic sanctions on Turkey, and discussions related to the Turkish Stream natural gas pipeline were suspended. Since the attempted coup in Turkey in July 2016, relations between Turkey and Russia have improved, and the Turkish Stream pipeline project is again under discussion.
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