Turkish official oil demand figures, as supplied to Jodi, show the country’s 2015 oil demand leaping by a whopping 196,000 b/d (26.9%) to 924,000 b/d. This supposed leap comes at a time when the economy is struggling: the IMF pegs growth for both 2015 and 2016 at around 3%. Something doesn’t add up.
The IEA, of which Turkey is a member, has attempted to iron out these anomalies. In its October 2015 monthly market report it notes that latest official Turkish data indicate a doubling in jet-kero demand to an all-time high of 125,000 b/d. Though Turkish Airlines has expanded rapidly in recent years “the extremities of the apparent growth… have likely been magnified by the use of a new data collection methodology, whereby large quantities of international aviation deliveries were previously misreported as exports,” the IEA says. (CONTINUED - 454 WORDS)