Russia loses an important client. Turkey does not want to overpay for Putin's gas

Turkey's reliance on Russian gas has decreased significantly, dropping from 64% in 2006 to 37% in early 2025. Azerbaijan and US LNG are gaining market share. Energy Minister Alparslan Bayraktar cites high prices as the reason for reduced Russian imports, prompting Turkey to seek cheaper alternatives. Despite this, Turkey does not plan to completely abandon Russian gas. The country aims to maintain gas demand at 57 billion cubic meters annually under its National Energy Strategy 2040. Turkey is also investing in domestic gas production and exploring hydrocarbon resources in Libya and Pakistan. Additionally, Turkey is considering becoming a gas hub for Europe, especially for countries seeking alternatives to Russian gas.