Supply Shock After South Pars Attack
Natural gas shipments from Iran to Turkey have been suspended following Israel’s strike on Iran’s South Pars gas field. According to Bloomberg, this disruption puts at risk a volume that accounts for around 14% of Turkey’s annual gas demand, while European gas prices have surged to levels nearly 70% higher than pre-war benchmarks.
Sources indicate that the flow stopped shortly after the attack on South Pars. However, it remains unclear how long the interruption will last.
Turkey Relies on Alternative Suppliers
Despite the halt, Turkey continues importing gas from its primary suppliers, Russia and Azerbaijan. Officials suggest that the country currently holds sufficient reserves to manage short-term supply risks.
Data from the Natural Gas Distributors Association of Turkey (Gazbir) shows that approximately 14% of Turkey’s gas consumption last year was sourced from Iran.
Regional Tensions Shake Energy Markets
The South Pars field, the world’s largest gas reserve, was targeted on March 18. In response, Tehran reportedly launched attacks on energy infrastructure across the Gulf, including facilities linked to Qatar’s Ras Laffan, which plays a critical role in global LNG supply.
These escalating tensions have rattled energy markets, pushing European gas futures to their highest levels in three years.
Storage Capacity Offers Buffer
Turkey has been strengthening its energy resilience. Energy Minister Alparslan Bayraktar previously announced that the country’s natural gas storage capacity has reached 6.3 billion cubic meters.
For context, Turkey’s daily gas consumption averaged around 230 million cubic meters in March last year, highlighting the importance of maintaining strong reserves during supply disruptions.
A Familiar Pattern
This is not the first time Iran has cut gas exports to Turkey. In previous years, especially during winter when domestic demand peaks, Iran has cited technical issues as the reason for similar interruptions.
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