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Although Zeybekci vowed to maintain his country's commercial ties with Tehran, whether Ankara will be able to do this when sanctions are enforced remains highly questionable, and Turkey could suffer further under U.S. sanctions.In 2012, volume of trade between Turkey and Iran reached all-time high of around $22 billion before it fell sharply to around $14 billion in 2014, mainly because of the U.S. sanctions on Iran.This might be true if Ankara were not heavily dependent on Iran for energy imports.When sanctions on Iran's shipping and petroleum-related transactions come into effect in November, Turkey will have to significantly reduce the volume of its crude oil purchases from Iran in order to avoid being punished by United States. Iran produces around 2.5 million barrels of oil per day, which is equal to about 3 percent of the global demand.For a country that is highly dependent on energy imports – 92 percent and 99 percent of oil and gas needs, respectively, come from outside Turkey – energy prices have an effect on the macroeconomic indicators.
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