"We are going through what we might call the mother of all crises. The world has witnessed many oil crises in the past 50 years, such as the post-COVID-19 crisis and following geopolitical tensions."
"Thanks to Turkiye's extensive investments in energy and infrastructure, its geographical location between Asia and Europe, and the presence of oil and natural gas reserves in its region, it has become a pivotal country in the field of energy."
"Ankara is well-suited to weather the crisis, as it has sufficient strategic energy reserves, with gas storage facilities that are 72 percent full, compared with Europe's at just 28 percent."
Turkiye has emerged as a significant energy hub, bolstered by strategic investments and its geographical position between Asia and Europe. The ongoing crisis in the Strait of Hormuz highlights the need for diversified energy routes. Turkish Energy Minister Alparslan Bayraktar emphasized that Turkiye's energy infrastructure, including key pipelines, positions it well to manage the global energy crisis. Despite having substantial energy reserves, rising oil and gas prices continue to strain the state budget, with each $1 increase in oil costing Ankara approximately $400 million.
Read at www.aljazeera.com
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