Turkey's energy import bill in the first quarter of 2018 increased by nearly 14.3 percent compared to the same period of 2017, according to Turkish Statistical Institute's (Turkstat) data Monday.
Turkstat's quarterly data for 2018 showed that the country paid $10.33 billion for its energy imports in the January - March period compared to $9.43 billion during the same period of 2017.
Turkey's total import bill in the first quarter of the year also showed a 22.7 percent increase and amounted to $61.60 billion, out of which energy accounted for 16.68 percent.
Volkan Ozdemir, head of the Institute for Energy Markets and Policies (EPPEN), told Anadolu Agency that the main reason behind the increase in Turkey's energy import bill is the hike in Brent oil prices, which have recently increased to levels of $75 per barrel.
'In parallel with the oil prices, natural gas prices have also been rising,' Ozdemir said, adding that these upward trends have contributed to Turkey's energy import bill in the first quarter of 2018.
'Despite the fact that there is no big increase in terms of volume, there is an increase in oil prices in global markets. We foresaw last year that in 2018 Turkey would have an energy import bill of more than $40 billion and the first quarter results prove our predictions,' he affirmed.
Underlining his expectations for an upward trend in the country's energy import bill for the years ahead, Ozdemir noted that seasonal factors and relatively mild winters in the country could reduce natural gas consumption.
'However, we have to look at the oil prices, and Turkey is importing almost 90 percent from abroad. Therefore, the bill will be affected by the prices more than the volumes consumed,' he concluded.
Turkey's annual natural gas consumption reached a historic record high of 53.5 billion cubic meters in 2017, according to Turkish energy watchdog, Turkish Energy Market Regulatory Authority's (EMRA), data released on February.
In 2017, the year-on-year natural gas consumption in Turkey jumped by 16.3 percent.
Total consumption increased from which a rise of 19.2 percent in natural gas imports was seen to reach 55.2 billion cubic meters (bcm) in 2017 from 46.3 bcm in 2016, according to EMRA's data.
The boost in natural gas consumption and the correlated imports were fueled by greater electricity demand. Moreover, due to the production decline in hydroelectric power plants in 2017, Turkey increased production of natural gas combined cycle plants.
By Ebru Sengul
Anadolu Agency
energy@aa.com.tr