The Russia-Ukraine war and the closure of the Strait of Hormuz showed that securing energy supply is not just a matter of development, but also a matter of sovereignty and national security, Turkish President Recep Tayyip Erdogan said today, reports Anadolu.

Speaking at an event on renewable energy investments in the capital Ankara, Erdogan said that Turkey put into use investments worth 5 billion dollars for power plants with a capacity of 6,818 megawatts.

Turkey is becoming day by day more important as a regional energy center, he said. With the “de facto” closure of the Strait of Hormuz, the gateway for the Gulf countries to the open sea, the largest oil supply disruption in history occurred, Erdogan recalled.

He said that the closure of the strait resulted in the disruption of approximately 25 percent of global oil supplies and 20 percent of liquefied natural gas trade. Oil prices, which had hovered around $60 per barrel, rose to twice that amount, the Turkish president recalled.

According to him, the world is facing the same staggering figures not only in LNG prices, but also in all products derived from oil, including garbage and plastics.

Recalling that some countries have implemented various restrictions, similar to those seen during of the COVID-19 pandemic to reduce energy consumption, Erdogan said that “Schools were closed, restrictions were placed on private vehicles entering the traffic”.

“There was a significant number of flight cancellations. Long queues were formed at gas stations”, he pointed out.

As the prices of oil and natural gas-based products rose, inflation began to rise around the world, Erdogan underlined, adding that while only a few months ago previously expected global economic recovery, with the Hormuz crisis dragging on, many countries are now preparing for a recession.

Source: prizrenpost