Turkey could increase its oil imports from Iran after the Islamic Republic signed a deal with major world powers to curb its nuclear program, paving the way for more crude oil to reach the global market, Energy Minister Taner Yildiz said Monday.
Turkey
could
increase its oil imports from
Iran
after
the Islamic Republic signed a deal with major world powers to curb its nuclear
program, paving the way for more crude oil to reach the global market, Energy
Minister Taner Yildiz said Monday.
"We are buying natural gas from five countries and oil from 12 countries. With
easing on sanctions, I think oil purchases [from
Iran
] can
go up to 130,000-140,000 barrels per day [from around 105,000 barrels per
day]" Mr. Yildiz told Turkish TV channel CNBCe.
The deal calls for
Tehran
to
curb central parts of its nuclear program in exchange for a rollback of
economic sanctions.
Iran
agreed to freeze its production of near-weapons grade fuel-which is uranium
enriched to 20% purity-and to remove its stockpile of the fissile material.
Analysts said the agreement is positive news for
Turkey
as it
is highly dependent on energy imports.
"The deal is important for
Turkey
's
economy with respect to the diminished risk of war in the region, oil prices,
and gold exports," said Ibrahim Aksoy, chief economist with Istanbul-based
Gedik Investment. "The main impact of the nuclear deal on
Turkey
's
economy will be lower oil prices as the country has an important energy trade
deficit, 6.6% of gross domestic product."
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