The tragic execution this week of Russia’s ambassador to Turkey, combined with two recent major terrorist attacks on Turkish soil, demonstrate that forces are working hard to destabilize the country.
While it’s well understood that major upheaval in Turkey would have monumental regional and global security consequences, it’s important to also pay attention to the serious implications for the global oil market and European energy security.
Turkey is arguably the global oil industry’s most important non-producing country because of its role as a critical oil transit state. On a daily basis, about five percent of the global oil supply passes through Turkey, and it is situated next to major oil producing regions — Russia, the Caspian and the Middle East — and also next to Europe, which is a major oil importer.
