As the economy and the population of Turkey grow, both business and consumer demand for energy increases. Turkey imports around $45 billion of oil and natural gas every year, and this constitutes the main cause of its current account deficit. Therefore, Ankara has been implementing policies that diversify its sources as well as reduce its dependence on imported energy. Currently, Russia is the biggest supplier of Turkey’s imported gas.
A stable supply of oil and gas as well as the ability to meet future energy demands are priorities for Turkey, as they are for most countries. Turkey has been investing in renewable power sources, such as solar and wind, and nuclear energy, building more hydroelectric dams and increasing its oil and gas explorations in the Black and East Mediterranean seas within the borders of its continental shelf and exclusive economic zones (EEZs). Such exploration gave its first fruit as this year a 320 billion cubic meter (bcm) gas reserve was found in Turkey’s EEZ in the Black Sea.