Energy supply safety is matter of national security, President Erdoğan says

The Russia-Ukraine war and the closure of the Strait of Hormuz showed that ensuring energy supply security is not merely a matter of development, but also a matter of sovereignty and national security, Turkish President Recep Tayyip Erdoğan said on Wednesday.

Speaking at an event for renewable energy investments in the capital Ankara, Erdoğan said Türkiye put into use investments worth $5 billion for plants with 6,818 megawatt power.

Türkiye is becoming more important day by day as a regional energy hub, he said.

With the de facto closure of the Strait of Hormuz—the gateway for Gulf countries to the open seas—the largest oil supply disruption in history occurred, he stated.

He said the closure of the strait resulted in the disruption of approximately 25% of global oil supplies and 20% of liquefied natural gas trade.

Oil prices, which had been hovering around $60 per barrel, rose to as much as double that amount, he recalled.

He noted that the world is facing these same staggering figures not only in LNG prices but also in all petroleum-derived products, including fertilizers and plastics.

Recalling that some countries had implemented various restrictions—similar to those seen during the Covid-19 pandemic—to reduce energy consumption, Erdoğan said: “Schools were closed, restrictions were placed on private vehicles entering traffic.

“There were a significant number of flight cancellations. Long lines formed at gas stations.”

As prices for petroleum and natural gas-based products rose, inflation began to increase worldwide, he underlined, adding that while a global economic recovery was expected just a few months ago, as the Hormuz crisis drags on, many countries are now preparing for a recession.