Turkey’s Oil Bill Diminishes

1In January 2015, when crude oil price decreased up to $47,9 a barrel on average, Turkey’s oil imports reached last 7-year high

Turkey’s oil imports showed a remarkable increase depending on plunging prices. This year, the highest oil imports were carried out in last 7-year due to oil prices decreased $47,9 a barrel on average in January. This price was seen the lowest price since March 2009 when the price was $43,7 a barrel. Turkey’s oil imports increased 7.8 percent to 1 billion 599 tons in January’15 over previous month. The oil imports expanded 27.8 percent in January compared to the same month last year

When made a comparison in oil imports with the same months previous year, in January 2008 imports increased 21.8 percent, in January 2009 the imports up 40.4 percent and as for January 2010 decreased 4.1 percent. In January 2011, the imports increased 21.8 percent, in 2012 January oil imports decreased 9.1 percent, and in January 2013 the imports decreased 11.2 percent. In January 2014, oil imports up 1.6 percent over the same month previous year. Decrease in crude oil prices began June 2014, after raising by $112,4 a barrel, then it began to lose value quickly.

The prices lost value 4.8 percent in July, in August 5 percent, in September 4.4 percent, in October 10.3 percent, in November 8.7 percent, in December 21.4 percent, in January 23.4 percent over previous months respectively. In January 2015, the oil price plunged 56.1 percent over the same month last year.

In the scope of these developments, as Turkey’s oil imports increased 27.8 percent in January this year, the payment fell 43.9 percent. While Turkey paid $1 billion 8 million for 1 billion 252 million tons of oil imports in January 2014, this year in January Turkey paid $565 million for 1 billion 599 tons of oil imports