On Thursday Erdogan said that due to tensions between Moscow and Ankara over the incident Turkey may reconsider buying Russian gas and the building of the Akkuyu Nuclear Power Plant.
Earlier, Turkish Prime Minister Ahmet Davutoglu said the incident would not spark tensions between the two countries.
"I think Erdogan made a political statement. It is populist, and should not be considered too seriously," he said.
"Gas contract between Russia and Turkey is based on the 'take or pay' formula. This is why it is technically impossible for Turkey to fully abandon Russian gas supplies. Only an insignificant decline in supplies is possible. What is more, Russia has no right to significantly decrease or stop its gas deliveries to Turkey," Ozdemir explained.
The analyst added that violations of the Turkish airspace by Russian jets are not acceptable and could lead to further deterioration of relations between the two countries.
"If relations between Russia and Turkey deteriorate first of all Russian energy companies working in Turkey would be hit. They would risk losing their market share in the country," he said.
On December 1 2014, Gazprom and Turkish company BOTAS which operates the Turkish section of Blue Stream signed a memorandum on the construction of the Turkish Stream pipeline to carry natural gas from Russia to Turkey via the Black Sea.