Turkish energy chief warns of unprecedented global energy storm

Turkish Energy Minister Alparslan Bayraktar warned that the globe is confronting an unprecedented energy crisis, calling it larger than historic oil embargoes, the Yom Kippur War, the Iranian Revolution and the 9/11 attacks. He explained that one outlet surge in oil and diesel prices stems from severe supply shortages caused by the Russia-Ukraine war, unrest in Venezuela, and disruptions in the Strait of Hormuz, which handles about 20 million barrels daily.

Bayraktar emphasized that Turkey has avoided domestic shortages through intensive supply-security efforts. He highlighted that the diesel market, priced against the Genoa benchmark, is hit harder than crude because of attacks on Russian refining capacity. The minister said price declines will only occur if maritime bottlenecks at Hormuz and Bab el-Mandeb are cleared. Looking ahead, Turkey plans a new energy architecture focused on electrifying transport, targeting one-third of its vehicle fleet to be electric or hybrid to cut diesel demand.