Tehran 2nd Biggest Oil Supplier to Ankara

Tehran 2nd Biggest Oil Supplier to AnkaraTehran 2nd Biggest Oil Supplier to Ankara

Iran was Turkey's second biggest crude supplier in the second quarter of 2015, supplying nearly one-fourth of the country's oil demand in that period.

Turkey imported an average of 488,000 barrels of oil per day in April-June, 72,000 more barrels a day compared to Q1, according to a report by ISNA.

The country imported nearly 245,000 bpd of crude from southern neighbor Iraq, while its Iranian crude imports reached 117,000 bpd in that period, comprising roughly 24% of Ankara's oil demand.

Saudi Arabia was the country's third biggest oil supplier in Q2 with an average of 57,000 bpd.

Turkey's import of Iranian oil can see a dramatic rise as an Iranian official said last week in Geneva that the country's oil output will rise by 500,000 bpd by late November or early December "even before most western sanctions would lift" with sales to Asia.

Iran is aiming for an increase of close to 1.5 million bpd by the end of 2016, taking daily production to 4.2 million.

Iraq's oil supplies to Turkey have been hampered in the past few months, as the oil pipeline stretching from fields in Iraq's autonomous Kurdistan region and Kirkuk to the Mediterranean port of Ceyhan has been repeatedly targeted inside Turkey since a ceasefire between Ankara and Kurdish forces broke down in late July.