In August 2023, Iran experienced a 9.1% increase in natural gas exports to Turkey, totaling 916.3 million cubic meters compared to the same period last year. This increase occurs while Turkey's overall natural gas imports in this month decreased by 32.7% compared to last year, reaching about 2.8 billion cubic meters.
Iran's Share of Turkey's Gas Imports
With this increase, Iran's share of Turkey's total natural gas imports rose to 33%, showing significant growth compared to a 20.4% share in August of last year. Azerbaijan ranks second among Turkey's natural gas suppliers, sending 752.4 million cubic meters, while gas supplies from Russia have sharply declined by 60.6% to 723.1 million cubic meters, reducing its share of total imports to 26.1%.
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Changes in Gas Consumption and Storage in Turkey
Natural gas consumption in Turkey in August 2023 decreased by 22% compared to the same period last year, reaching about 2.7 billion cubic meters. Of this amount, 1.1 billion cubic meters was consumed in the industrial sector and 886 million cubic meters in electricity generation. Additionally, Turkey had 5.8 billion cubic meters of natural gas in its storage facilities at the end of August, with 5.5 billion cubic meters in underground facilities and 304 million cubic meters in liquefied natural gas (LNG) terminals.
This increase in Iran's gas exports to Turkey occurs as Turkey's imports of crude oil and petroleum products have risen by 2.3% to 4.5 million tons. Meanwhile, crude oil imports decreased by 1.1% to 2.8 million tons, while diesel imports increased by 9% to 1.2 million tons.
Russia leads as Turkey's oil supplier with 1.3 million tons, followed by Iraq and Saudi Arabia with 553,000 tons and 335,622 tons, respectively. Furthermore, Turkey's petroleum product exports have decreased by 34.8% to 793,364 tons.
Overall, the increase in Iran's gas exports to Turkey, alongside changes in consumption patterns and gas supply sources in the country, indicates significant changes in the regional energy market that could have substantial economic and political implications.
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