Turkey’s relations with the Organization of the Petroleum Exporting Countries (OPEC)

As an important petroleum importing country, Turkey’s economy is directly affected by the oil prices. The OPEC countries are producing 40% of the world petroleum production. In this context OPEC’s decisions, which has a cartel position, to slow down or increase production in order to stabilize the price is affecting the prices and has a direct repercussion for our country’s economy.

Another aspect of our relations with the OPEC is the credits provided by the OPEC Fund for International Development (OFID). Lastly with an agreement signed with OFID in 2009 a credit of 36.8 Million USD has been granted for the Istanbul-Ankara railway enhancement project. Another example for credits provided by OFID is the sum of 22.7 Million USD for the Develi Environment and Watering Project in the Central Anatolian region in 2005.