Turkey says it will not cut oil imports from Russia

Turkey has said it has no intention of cutting off oil imports from Russia, saying sanctions against Russia could have a devastating effect on the world energy market. He also expressed hope that sanctions against Iran would be lifted, thereby increasing the supply of oil to the market to meet global demand.

According to the report, the World Bank also warns that rising global oil prices amid tensions between Ukraine and Russia could hurt the world’s largest oil importers and slow their economic growth.

According to the report, Turkey imports about 45% of its natural gas, 17% of its oil and 40% of its gasoline from Russia, said Alp Arslan Bayraktar, Turkey’s Deputy Minister of Natural Resources and Energy.

He added that the world needs a lot of oil and they have to supply it from countries such as the United States, Venezuela, Iran, Saudi Arabia and anywhere in the world.

“Turkey will not be able to easily find a replacement for Russian oil, and Russia is considered to be Turkey’s old energy supplier,” Bayraktar said.

In addition to energy, some countries in the Middle East, Central Asia, Africa and Europe are heavily dependent on food from Russia and Ukraine, which together supply about 20 percent of the world’s wheat, according to the report.

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