Russia becomes Türkiye’s main energy supplier in 2024 amid declining exports

In 2024, Russia has retained its status as Türkiye’s primary supplier of natural gas, oil, and oil products, continuing the trend established the previous year.

According to data from Türkiye’s Energy Market Regulatory Authority (EPDK), Russia accounted for 43.3% of Türkiye’s natural gas imports in October, up slightly from 42.83% in September, Caliber.Az reports via Turkish media.

This strong reliance on Russian energy is expected to grow further by year-end, with imports of oil and oil products from Russia potentially rising to 60% or more. In September, Russia’s share of Türkiye’s oil imports stood at 61.3%, before dropping to 55.1% in October. In comparison, Russia supplied 51% of Türkiye’s oil and oil products in 2023, according to EPDK statistics.

Hürriyet reports that, following the suspension of Russian gas deliveries to Europe through Ukraine, Türkiye has become a crucial energy transit route. The Black Sea gas pipelines, "Turkish Stream" and "Blue Stream," are now the primary conduits for Russian energy resources to Europe. Russian President Vladimir Putin has described Türkiye as Russia’s most reliable energy partner in light of these developments.

However, while energy trade between the two nations flourishes, Türkiye’s exports to Russia have seen a significant decline. In the first ten months of 2024, Turkish exports to Russia totaled $7.97 billion, down from $10 billion during the same period in 2023. Projections indicate that Turkish exports to Russia could decrease by up to 20%. Analysts point to pressure from the United States, particularly in the banking sector, as a key factor contributing to the downturn in trade between the two countries.

By Vugar Khalilov