Turkey’s crude oil import bill recorded a four-year low in 2014 due to decline in imports and because of the oil price slump, according to Turkstat's foreign trade statistics on Monday.
Turkey paid 15.3 percent less in oil imports in 2014 compared to 2013 figures. The country spent nearly $12.6 billion for 17.5 million tons of crude oil in 2014.
Turkey imports 90 percent of its total oil supply as domestic production is insufficient. The country aims to increase domestic production through state-owned Turkish Petroleum's new investments with the support of international companies.
In 2014, the imported crude oil amount also decreased by 5.8 percent due to the increasing share of natural gas and renewables in electricity generation.
Years Crude oil imports (billion dollars)
2005 8.649
2006 10.706
2007 11.784
2008 15.639
2009 6.415
2010 9.647
2011 14.888
2012 16.133
2013 14.981
2014 12.683
Reporting by Goksel Yildirim, Writing by Nihan Cabbaroglu
Anadolu Agency
nihan.cabbaroglu@aa.com.tr