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US Ban on Russian Oil Will Have ‘Terrible Impact’ on Market - Top Turkish Energy Official

© Sputnik / Alexey Danichev / Go to the mediabankRussian offshore oil platform
Russian offshore oil platform - Sputnik International, 1920, 09.03.2022
HOUSTON (Sputnik) - The United States’ decision to implement sanctions on Russia’s energy sector will have a terrible impact on the global market, Turkish Deputy Minister of Energy and Natural Resources Alparslan Bayraktar said.
“Terribly,” Bayraktar said on the sidelines of the Cambridge Energy Research Associates (CERA) Week conference when asked how he thinks the sanctions against Russia will affect the global oil market.
To replace Russian oil in the global market would be very difficult, given their status as a top producer, Bayraktar added.
"So, the world needs to increase the capacity, otherwise it will be very difficult. To replace Russian oil in the global market is very difficult," he said.
Russia has been a reliable supplier of gas for over three and a half decades and will remain so, Alparslan Bayraktar said.

"Also gas is quite important for us, because 45% of Turkey’s gas needs come from Russia. As I already said, Russia has been a reliable gas supplier for over 3 and half decades, and we will continue in that way," Bayraktar said.

The official added that the recent decision by the United States to ban Russian oil, natural gas and coal imports will have a negative impact on the global market, especially Turkey.
"These sanctions will also have some spillover effect over other countries and regions. What we need is a stable market. We need our economies to grow. I don’t think this will help to this issue in any way," he said.
Turkey hopes that progress in peace talks will be made during upcoming negotiations between Russian Foreign Minister Sergey Lavrov and Ukrainian counterpart Dmytro Kuleba in Antalya, Bayraktar said.
“Foreign Minister Lavrov and Foreign Minister Kuleba will meet in Antalya. I will also be there. I hope there will be some progress in their peace negotiations,” Bayraktar said.
The meeting, which will happen on the sidelines of the Diplomacy Forum, is scheduled for 10 March.
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