Significant Drop in Turkey's Oil and Gas Imports from Iran

Turkey's Energy Regulatory Authority reported a significant decrease in oil and gas purchases from Iran. New statistics published on the agency's official website indicate that Turkey has reduced its oil purchases from Iran by over 30% in the first nine months of the current calendar year, bringing it down to 175,000 barrels per day (a total of 6.45 million tons). Meanwhile, Reuters reported that in October, Turkey bought 129,000 barrels of oil daily from Iran but brought its imports from Iran to zero last month. The United States exempted Turkey from Iranian oil sanctions early last month. According to the Turkish Energy Regulatory Authority and Reuters, the average daily oil exports from Iran to Turkey in the first eleven months of the current calendar year reached 156,000 barrels, reflecting a 56% decrease compared to the same period last year. Gas exports from Iran to Turkey also decreased by over 20% in the first nine months of the current calendar year, reaching 5.54 billion cubic meters, and electricity purchases have remained halted since the first half of 2016. The latest report from the Turkish Statistical Institute covering the first ten months of the current calendar year states that the value of Turkey's exports to Iran during this period reached $2.023 billion, showing a 22% decrease compared to the same ten months last year. Total exports from Iran to Turkey (including oil and gas) also reached $6.23 billion, reflecting a 5.6% decrease compared to the same ten months last year. The main reason for the slight decrease in the value of Iranian exports to Turkey compared to the significant drop in oil and gas exports is that the average crude oil price has increased by about 40% this year, which has also raised gas prices. According to OPEC, the average price of Iranian heavy crude oil in the first ten months of the current year was $70, while this figure was $50 in the same period last year.