Turkey not to stop buying Russian gas

Russia has been a reliable supplier of gas for over three and a half decades and will remain so, Turkish Deputy Minister of Energy and Natural Resources Alparslan Bayraktar said on the sidelines of the Cambridge Energy Research Associates (CERA) Week conference when asked how he thinks the sanctions against Russia will affect the global oil market.

"Also gas is quite important for us, because 45% of Turkey’s gas needs come from Russia. As I already said, Russia has been a reliable gas supplier for over 3 and half decades, and we will continue in that way," Bayraktar said.

The official added that the recent decision by the United States to ban Russian oil, natural gas and coal imports will have a negative impact on the global market, especially Turkey.

"These sanctions will also have some spillover effect over other countries and regions. What we need is a stable market. We need our economies to grow. I don’t think this will help to this issue in any way," he said.

To replace Russian oil in the global market would be very difficult, given their status as a top producer, Bayraktar added. "So, the world needs to increase the capacity, otherwise it will be very difficult. To replace Russian oil in the global market is very difficult," he said.