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Energy Markets

Oil & Gas

Oil & Gas

EnQuest pulls out of Serica contract as market volatility hinders agreement on terms

The companies announced on Friday that North Sea oil producer EnQuest would not make an offering for UK-based Serica Energy as they could not reach an agreement on favorable terms in time due to market volatility. At 1623 GMT, EnQuest shares fell about 5% to 13.14 pence. Serica shares rose 0.3% to 127 pence. Serica announced in March that it was in discussions with EnQuest regarding a potential deal. The termination comes amid an economic wave of uncertainty caused by the sweeping tariffs that U.S. president Donald Trump has imposed around the world. Energy prices have been dragged down by...

Oil & Gas

The Syrian presidency has said that the Kurdish-led SDF is willing to integrate with Syrian state institutions.

The Syrian presidency announced on Monday that the Kurdish-led, U.S.-backed Syrian Democratic Forces, which control much of Syria's oil rich northeast, had signed an agreement agreeing to be integrated into Syria's newly created state institutions. The agreement, which included an end to all hostilities, has been signed by the interim Syrian president Ahmed al-Sharaa, and Mazloum Abdi, commander of the SDF. According to the agreement, the text of which was published online by the president, all civil and military institutions located in the northeastern part of Syria will be integrated into the state. The latter will then take control over...

Crude Oil

Trump Administration ends Iraq's waiver for buying Iranian electricity

A State Department spokesperson confirmed that the Trump administration had revoked on Saturday a waiver which allowed Iraq to pay Iran electricity as part of Donald Trump's campaign against Tehran. The spokesperson stated that the decision to let Iraq’s waiver expire ensures that we don't allow Iran any economic or financial relief. Trump's campaign against Iran is aimed at "ending its nuclear threat, curbing its ballistic missile programme and stopping it from supporting terrorist organizations." In one of his very first acts upon returning to office, Trump restored the "maximum" pressure on Iran. In his first term he pulled out...

Oil & Gas

SDF chief: PKK disarmament calls 'not relevant to us in Syria

The commander of Kurdish-led force that controls northeastern Syria has said that the call for dissolution of the PKK by the leader in Turkey of the militant Kurdistan Workers Party, (PKK), does not apply to his group. Mazloum Abdi, commander of the Syrian Democratic Forces (SDF), welcomed Abdullah Ocalan's historic call for the PKK not to continue its decades-long struggle against the Turkish State. He said that this would have positive effects in the region. Abdi, however, said that the announcement made by Ocalan on Thursday by the PKK was only applicable to them and "had nothing to do with...

Oil & Gas

Iraqi minister: Iraq is waiting on Turkey's approval before restarting oil flow from Kurdistan.

Iraq's oil minister announced on Monday that it is awaiting Turkey's approval before restarting the oil flow out of the Iraqi Kurdistan Region. Hayan Abdel Ghani, a reporter, said that he hoped to have the Kurdish oil exported in two days. When asked about the timing of Iraq's return to oil exports, he replied that "this issue would be resolved in a week." Kurdistan regional government announced on Sunday that the Iraqi Kurdistan officials have agreed to resume Kurdish crude oil exports, based on volumes available. In March 2023, the pipeline was shut down by Turkey after the International Chamber...

Oil & Gas

Iraq's Oil Ministry says that procedures for oil exports via Turkish pipeline are complete

In a statement issued on Saturday, the Iraqi oil ministry stated that all procedures were completed for the resumed exports via the Iraq-Turkey pipe. Iraq's Oil Minister said Monday that oil exports will resume from the semi-autonomous Kurdistan Region next week. This resolves a dispute of nearly two years that has disrupted oil flows, as relations between Baghdad Erbil have improved. Sources have confirmed that the Trump administration has put pressure on Iraqi officials to allow Kurdish exports of oil to resume or else face sanctions along with Iran. Later, an Iraqi official denied the pressure and threat of sanctions....

Oil & Gas Exploration

ExxonMobil introduces 'promising' exploration well off Cyprus-President

ExxonMobil and Qatar Energy on Friday started exploratory drilling for natural gas in a. possibility west of Cyprus, Cyprus President Nikos Christodoulides. stated on X. The east Mediterranean has actually yielded some major gas. discoveries in the last few years, and an interruption in energy products. from Russia after its 2022 intrusion of Ukraine has actually honed. Europe's attention on protecting alternative sources of supply. Cyprus progresses expedition activities, aiming to be an. alternative and trustworthy source of natural gas for the EU,. Christodoulides wrote in his post. He stated drilling at the prospect, called Electra, got. underway on Friday...

Oil & Gas

Turkey treks fuel tax by 6%, intends to manage inflation

Turkey imposed a 6% tax walking on fuel on Tuesday, after its finance minister stated over the weekend that tax moves on fuel and tobacco would not impact the government's inflation goal. The unique intake tax per litre for fuel has actually been increased by around 6%, according to a presidential decree in the Official Gazette, which releases brand-new legislation and main announcements. The special consumption tax on fuel is changed every six months based on the manufacturer price index. With the 5-month cumulative PPI because the last boost standing at 7.12%, the most current tax walking is listed below...

Oil & Gas

Turkey can action in to fix Sudan-UAE disagreements, Erdogan informs Burhan

Turkey can step in to deal with disagreements in between Sudan and the United Arab Emirates, President Tayyip Erdogan informed the head of Sudan's sovereign council Abdel Fattah alBurhan in a telephone call on Friday, the Turkish presidency stated. The Sudanese army has consistently implicated the UAE of providing weapons and support to the paramilitary Quick Support Forces (RSF) in Sudan's war. The Gulf state denies this. U.N. sanctions displays have referred to as reputable accusations that the UAE had given military aid to the RSF. Erdogan went over Turkish-Sudanese relations along with regional and worldwide matters with Burhan in...

Oil & Gas

United States cracks down on Russia sanctions evasion in fresh action

The United States on Wednesday enforced curbs on numerous targets in fresh action against Russia, taking aim at sanctions circumvention in a. signal that the U.S. is dedicated to countering evasion. The action, taken by the U.S. Treasury and State. departments, enforced sanctions on nearly 400 entities and. people from over a lots various nations, according to. statements from the Treasury and State departments. The action was the most collective push so far versus. 3rd nation evasion, a State Department official told Reuters. It included sanctions on lots of Chinese, Hong Kong and Indian. companies, the most from those nations...

Oil & Gas

Egypt's Sisi heads for Turkey in first presidential see in 12 years

Egyptian President Abdel Fattah alSisi will hold talks with President Tayyip Erdogan in Turkey on Wednesday in the first presidential level visit in 12 years amid a warming of longfrozen relations in between the local powers. The visit comes after Erdogan took a trip to Cairo in February, his first trip to Egypt considering that 2012, taking a significant step towards rebuilding ties that were badly strained for a. years. Turkey-Egypt relations will be evaluated in all their. aspects and possible joint steps in the coming duration to further. develop cooperation will be discussed, the Turkish presidency's. communications workplace stated...

Oil & Gas

Turkey, Azerbaijan consent to extend gas agreement until 2030

Turkey and Azerbaijan have actually agreed to extend their natural gas supply agreement, due to end at the end of this year, till 2030, and to provide Turkmen gas to Turkey, Turkish Energy Minister Alparslan Bayraktar said on Tuesday. The extended Azerbaijan-Turkey gas deal covers the delivery of 3.5 billion cubic metres (bcm) of natural gas per year to Turkey until 2030, a SOCAR official told in Baku. In addition to the accord in between Turkey's state gas grid operator BOTAS and the Azeri gas supply business, 4 contracts were signed between BOTAS and Azerbaijan's state oil company SOCAR for...

Fossil Fuels

Fossil Fuels

Turkey's inflation forecast for the year may be lower than expected if oil prices remain below $65

Mehmet Simsek, the Finance Minister of Turkey, said that if oil remains below $65 per barrel this year then Turkey's annual inflation rate may be between 1 and 1.6 percentage points lower than official predictions. Simsek, in response to a question about the impact of recent global trade actions on oil prices, said that persistent oil prices under $65 could mean Turkey's deficit of current account stays below 1.5%. According to the government's mid-term program, the ratio of the current account deficit to GDP is expected to be 2% in this year. After a volatile Wednesday session, oil prices fell...

Fossil Fuels

Tupras, Turkey's largest refiner, has stopped buying Russian crude after sanctions

The company stated on a conference call after releasing its earnings that the largest Turkish oil refiner, Tupras, has stopped purchasing Russian crude due to U.S. sanctioned announced on 10 January against Russian energy companies as well as tankers transporting Russian oil. Levent Bayar is the executive director for investor relations at Tupras. He said, "We have stopped purchasing Urals due to the recent sanctions. We will receive our final cargoes in February." Tupras has become one of Russia's largest importers since the invasion of Ukraine by Moscow in 2022. According to data provided by Turkey's energy regulator, Russian oil...

Fossil Fuels

Trump says United States needs to 'NOT GET INVOLVED' in conflict in Syria

Presidentelect Donald Trump said on Saturday the U.S. need to not be involved in the conflict in Syria, where rebel forces are threatening the federal government of President Bashar alAssad. Syria is a mess, however is not our buddy, & & THE UNITED STATES NEED TO HAVE ABSOLUTELY NOTHING TO DO WITH IT THIS IS NOT OUR BATTLE. LET IT. PLAY OUT. DO NOT GET INVOLVED!, Trump stated in a post on his social media platform Reality Social. Trump stated because Russia, an Assad ally, is bound battling a war with Ukraine it seems incapable of stopping this literal march...

Environment

Mining

Mining

Ukraine Finance Minister: country strong despite "financial gaps"

Serhii Marchenko, Ukrainian Finance Minister, said that there is a financial gap in the budget of Ukraine for next year. However, he added that Ukraine was stronger than a year earlier and able to continue defending itself. Marchenko said that the recent mineral deal signed between the United States and Ukraine could also help Washington to better understand Ukraine. He said that the United States had made "very good progress" in strengthening their relationship. This was during a panel at the annual meeting for the European Bank for Reconstruction and Development held in London. I hope that it will definitely...

Mining

Erdogan: Turkey does not expect negative trade and export situation following tariffs

The President of Turkey, Tayyip Erdoan, said that the tariffs imposed by Donald Trump on Wednesday will not have a negative impact on its trade, production, and exports. Turkey is one of the few countries that have escaped the "reciprocal tariff" of the United States of 10%. It is seen as a potential winner amongst a small group of nations. Erdogan told his ruling AK Party lawmakers that Turkey's economic program had made the country resilient to external shocks, and that they expected a stronger economic growth on a medium-to-long term compared with peer countries. Erdogan stated that there was...

Mining

Israel's open economic system offsets Turkish trade ban, says central bank

The Israeli central bank reported on Wednesday that the trade ban imposed by Turkey had a minimal impact on Israel’s economy and prices. It cited the country’s flexible economy. The Turkish government cut off trade with Israel in 2011 over the conflict between Hamas, a Palestinian militant group, and Israel. It has been a vocal critic of Israel’s policies ever since. Bank of Israel reported that before the war, which began after Hamas attacked Israel on October 7, 2023 the Turkish exports to Israel amounted to $5.3 billion, or 6.3% of Israel’s total imports. Turkey is a major importer of...

Mining

Trump's aide Waltz: U.S. need Ukrainian leader who wants to peace

On Sunday, a top adviser of President Donald Trump stated that the United States needed a Ukrainian leader willing to establish a lasting peace between Russia and Ukraine but it was not clear that Ukrainian President Volodymyr Zelenskiy would be prepared to do this. After a heated exchange in the Oval Office between Trump, Zelenskiy, and Vice President JDVance, White House National Security Advisor Mike Waltz stated that Washington is seeking a lasting peace between Moscow, Kyiv, which involves making territorial concessions, as well as receiving security guarantees from Europe. When asked if Trump wants Zelenskiy's resignation, Waltz said on...

Mining

Zelenskiy: US Minerals Proposal Needs Work, Turkish Media Report

Volodymyr Zelenskiy, the president of Ukraine, was quoted as saying that a U.S. proposal on a crucial minerals deal was unfair because it didn't include security guarantees. He also said he didn't want Ukraine to be a hub for raw material. Kyiv sent Washington last week a revised version of an agreement that could allow U.S. investors to access its vast reserves of vital minerals in order to win U.S. backing, amid concerns from Kyiv about an earlier U.S. draft. "I said, 'this document was not ready. We will not sign it. Zelenskiy told Turkish media that you continue to...

Mining

Zelenskiy: U.S. mineral proposal needs improvement, Turkish media report

Volodymyr Zelenskiy, the president of Ukraine, was quoted as saying that a U.S. proposal on a crucial minerals deal was unfair because it didn't include security guarantees. He also said he didn't want Ukraine to be a hub for raw material. Kyiv sent Washington last week a revised version of an agreement that could allow U.S. investors to access its vast reserves of vital minerals in order to win U.S. backing, amid concerns from Kyiv about an earlier U.S. draft. "I said, 'this document was not ready. We will not sign it. Zelenskiy told Turkish media that you continue to...

Mineral Resources

US gold magnet: Banks fly bullion to US from Asia-focused hubs in order to benefit from premium

Gold is being flown into the United States by global bullion banks from Asian trading hubs, such as Dubai and Hong Kong. They are doing this to take advantage of the high premium on U.S. futures gold prices over the spot price. Gold is traditionally transported eastward by bullion banks from the West in order to satisfy the demand of China and India. These two countries are the largest consumers worldwide, representing almost half the global consumption. In recent months, the fear of U.S. tariffs on imports by President Donald Trump drove Comex futures prices above spot prices. This created...

Mineral Resources

Turkish construction business rally on expectations of Syria restore boost

Shares in Turkish building and cement business surged on Monday, buoyed by expectations that they will gain from rebuilding in Syria after rebels overthrew President Bashar alAssad. Turkey will work for the Syrian migrants it hosts to return home securely and the restoration of Syria after Assad's. ouster, Foreign Minister Hakan Fidan stated on Monday. With the fall of the Assad program, the restoration of. Syria is moving on, stated Yakup Toktamis from brokerage. Trive Yatirim. Yusuf Dogan, head of Global Markets Research at Info. Yatirim, said there would be considerable opportunities for. Turkish business in the building and construction,...

Mining

Boxing-Turkey's Erdemir gets two-year restriction for doping offense

Turkish light middleweight fighter Tugrulhan Erdemir has been banned for 2 years by the Court of Arbitration for Sport (CAS) for breaching antidoping rules, the International Screening Agency (ITA) stated on Friday. CAS had verified in July Erdemir's provisionary suspension, which had ruled him out of the 71kg event at the Paris Olympics and a 2nd hearing occurred in October when the court found he had broken anti-doping guidelines. Erdemir returned an Irregular Finding (ATF) for the forbidden substance hydrochlorothiazide, the ITA said in a statement. Hydrochlorothiazide is forbidden under the 2024 WADA Prohibited list as a diuretic and masking...

Mineral Resources

Japan steel market feels 'sense of crisis' as imports hit 10-year high

The Japanese steel market is feeling a sense of crisis as the country's steel imports for the AprilSeptember duration reached a 10year high, with supply from China hitting a record high, an executive of Nippon Steel stated on Friday. We notified the government that we are carefully keeping an eye on general steel imports and have a sense of crisis concerning the present trend, Takashi Hirose, Nippon Steel's executive vice president, informed press reporters following the month-to-month meeting between the market ministry and steel market representatives. Japan, the world's third-largest steel producer, saw steel imports increase to 2.8 million metric...

Mineral Resources

Turkey enforces tasks on China, Russia, India, Japan steel imports

Turkey imposed antidumping responsibilities on some steel imports from China, Russia, India and Japan, an Authorities Gazette statement stated on Friday, with the highest tariffs on Chinese imports, improving stocks of flat steel manufacturers. The duties impact some 4 million tons of item imports with a value of some $2-2.2 billion, Turkish Steel Manufacturers Association (TCUD) Secretary General Veysel Yayan told Reuters. The responsibilities vary from 6.10% to 43.31% of expense, insurance coverage and freight prices in a relocation targeted at avoiding unfair competition after appeals by domestic manufacturers, the announcement stated. Ankara's choice comes amid rising trade stress in...

Mineral Resources

Turkey imposes anti-dumping tasks on steel imports from China, Russia, India, Japan

Turkey has actually enforced antidumping responsibilities on some steel imports from China, Russia, India and Japan, according to a decision released in the Official Gazette on Friday, with the greatest tariffs on Chinese imports. The responsibilities imposed will vary between 6.10% to 43.31% of cost, insurance coverage and freight (CIF) costs, the choice stated, in a relocation focused on preventing unfair competitors after appeals from domestic producers last year. An investigation into hot rolled steel imports following the regional manufacturers' appeal revealed that the alleged disposing of steel from China, Russia, India and Japan threatened to damage domestic production, the...