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Global benchmark Brent crude futures and U.S. West Texas Intermediate crude futures have declined about $10 a barrel in less than 10 days after edging close to $100 in late September. Brent futures settled $1.74, or 2.03%, lower at $84.07, while U.S. West Texas Intermediate crude futures were $1.91, or 2.3%, lower at $82.31. Government data on Wednesday also showed a sharp decline in U.S. gasoline demand. Finished motor gasoline supplied, a proxy for demand, fell last week to its lowest since the start of this year. On Thursday, the Turkish energy minister said a crude oil pipeline from Iraq through Turkey, which has been suspended for about six months, was ready for operations.

Persons: Brent, Dennis Kissler, Bob Yawger, Long, Andy Lipow, John Kilduff, Arathy Somasekhar, Paul Carsten, Katya Golubkova, Marguerita Choy, David Gregorio, Sharon Singleton, Jane Merriman Organizations: HOUSTON, Brent, . West Texas, U.S, West Texas, BOK Financial, Oil, Organization of, Petroleum, Mizuho, Lipow Oil Associates, New York ., Data, Thomson Locations: Russia, Saudi Arabia, New York, New York . U.S, U.S, Iraq, Turkey, Houston, London, Tokyo, Singapore

Al-Jaber serves as the CEO of the state-run Abu Dhabi Oil Co., which has the capacity to pump 4 million barrels of crude oil a day and hopes to reach 5 million barrels a day. He also made the call to the annual Abu Dhabi International Petroleum Exhibition and Conference, which brings together the largest players in the oil and gas industries. And al-Jaber himself has repeatedly said the world must rely on oil and gas for the near-term to bridge that gap. Though all smiles at Monday's conference, al-Jaber has acknowledged the withering criticism he's faced. Iraqi and regional Kurdish government officials did not immediately acknowledge the pipeline reopening, though Iraq's oil minister has said it was anticipated, without elaborating.

Persons: Sultan al, Jaber, al, Al, “, he's, it’s, ” al, Haitham, Ghais, Alparslan Bayraktar, ”, Bayraktar Organizations: United, United Arab Emirates, Abu Dhabi Oil Co, Abu, Abu Dhabi International Petroleum Exhibition, Conference, Brent, United Arab, Turkish Energy, Kurdish Locations: ABU DHABI, United Arab, United Nations, Abu, Abu Dhabi, Russia, United Arab Emirates, Jaber, OPEC, Iraqi, Turkish, Turkey, Ceyhan

☆ Turkey says to re-start operations of Iraq oil pipeline this week
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +1 min

Turkey's Energy Minister Alparslan Bayraktar talks during a meeting in Ankara, Turkey, September 14, 2023. Turkish Energy Ministry Press Office/PPO/Handout via REUTERS/File photo Acquire Licensing RightsABU DHABI, Oct 2 (Reuters) - Turkey will restart operations this week on a crude oil pipeline from Iraq that has been suspended for about six months, Turkey's Energy Minister Alparslan Bayraktar said on Monday. "Within this week, we will start operating the Iraq-Turkey pipeline after resuming operations. Turkey has been a reliable transit route for oil and gas, he added. Turkey was weighing legal action against Iraq, which has an outstanding enforcement case against Turkey, Bayraktar said last month.

Persons: Alparslan Bayraktar, ABU, Bayraktar, Maha El, Nadine Awadalla, Louise Heavens, Jonathan Spicer Organizations: Turkey's Energy, Turkish Energy Ministry Press, REUTERS, International Chamber of Commerce, ICC, Iraq, Thomson Locations: Ankara, Turkey, Handout, ABU DHABI, Iraq, Abu Dhabi, Baghdad

Under the terms of the agreement, up to $4 billion in Turkish energy payments to Russia may be postponed until next year, both sources told Reuters under condition of anonymity. Turkey, which is preparing for elections on Sunday, depends heavily on energy imports and Russia is its largest supplier. The source said Turkey could push back further such payments in the coming months depending on the course of energy prices. The Russian and Turkish energy ministries, and their respective energy companies Gazprom and Botas, have not responded to requests for comment on the issue. Turkish Energy Minister Fatih Donmez said last week that Turkey and Moscow agreed a deal allowing Ankara to defer energy payments up to a certain amount, but did not give details.

April 24 (Reuters) - Iraq's northern oil exports showed few concrete signs of an imminent restart after a month of standstill, as aspects of an agreement between Baghdad and the Kurdistan Regional Government (KRG) have yet to be resolved, according to four sources. Baghdad and Erbil, the capital of Iraq's semi-autonomous Kurdistan region, signed a temporary agreement on April 4 to restart northern oil exports. The KRG and Iraq's oil ministry did not respond to requests for comment. Iraq's lack of willingness to discuss these issues has frustrated Turkey, according to one source. Fields which are still running include Khurmala, which has reduced output from around 135,000 bpd to 100,000 bpd, according to a source familiar with field operations.

REUTERS/Umit BektasMarch 31 (Reuters) - An international arbitration ruling on March 23 prompted the shutdown of Iraq's northern crude oil exports through Turkey and sent oil prices back towards $80 a barrel. Iraq's federal government says its state-owned marketed SOMO is the only party authorised to manage crude exports through Ceyhan. Turkey was also asked to pay 50% of the discount at which KRG oil was sold, three sources said. According to a Turkish source, Iraq's initial demand was for about $33 billion. This comprised 370,000 bpd of KRG crude and 75,000 bpd of federal crude, a source familiar with pipeline operations said.

ANKARA, March 28 (Reuters) - Turkey's Energy Ministry said on Tuesday that Iraq had been ordered by the International Chamber of Commerce (ICC) to pay compensation to Ankara in a longstanding arbitration case related to oil exports from northern Iraq via Turkey. The Turkish energy ministry statement was released after Iraq's oil ministry said on Saturday the ICC had ruled in its favour in the case. The Turkish statement said the ICC had recognised a majority of Turkey's demands, without saying how much compensation Iraq had been ordered to pay. "(The ICC) ordered Iraq to pay a compensation to Turkey," the ministry said, without revealing the amount of compensation. "This case is in fact a reflection of disagreement between Iraq's central government and Iraq's Kurdish Regional Administration," the Turkish ministry said.

☆ Turkey signs 10-yr gas deal with Oman -Turkish energy minister
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: 1 min

Companies Botas Nehir Boya Emprime Sanayi Ticaret AS FollowISTANBUL, Jan 30 (Reuters) - Turkey signed a natural gas purchase agreement with Oman to buy an annual 1.4 billion cubic metres of gas for 10 years, Turkish Energy Minister Fatih Donmez said on Monday. Speaking at an event in Istanbul, Donmez said that a delegation from Turkish state energy company BOTAS was in Oman for the agreement. Reporting by Can Sezer Writing by Ezgi Erkoyun Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Turkey to host summit of gas buyers, sellers next month
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +1 min

ISTANBUL, Jan 30 (Reuters) - Turkey will hold a natural gas summit on Feb. 14-15 to bring together gas supplier countries and Europe's consumer countries in Istanbul, Turkish Energy Minister Fatih Donmez said on Monday. "We will bring together supplier countries from the Middle East, Mediterranean, Caspian and Middle Asia with consumer countries from Europe," Donmez said. In October, Russia's President Vladimir Putin proposed setting up a gas hub in Turkey following explosions that damaged Russia's Nord Stream gas pipelines under the Baltic Sea. Some Western capitals were concerned that a Turkish hub including Russian gas could allow Moscow to mask exports that are sanctioned by the West over the Russian invasion of Ukraine. Turkey has the infrastructure and experience in gas trade and authorities are taking steps for it to be a hub where regional benchmark prices are set, Donmez said.

☆ U.S. Sanctions Turkish Businessman It Says Brokered Oil Sales for Iran’s Military
▼ + stars: | 2022-12-08 | by ( Ian Talley | ) www.wsj.com time to read: +2 min

The Biden administration on Thursday levied sanctions against several Turkish businessmen and more than two dozen Turkish companies that officials said were selling oil worth hundreds of millions of dollars for Iran’s terror-listed military unit. Newsletter Sign-up WSJ | Risk and Compliance Journal Our Morning Risk Report features insights and news on governance, risk and compliance. PREVIEW Mr. Ayan owns or controls the sanctioned companies, including the Turkish energy conglomerate ASB Group, which launders proceeds from the oil sales into Europe and Asia under an agreement he allegedly reached in 2017 with Iranian officials, the Treasury said. Neither Mr. Ayan, contacted through ASB Group, nor the firm immediately responded to a request for comment. Daniel Roth, a research director for the advocacy group United Against Nuclear Iran, said the Treasury’s action represented a “giant stride” toward thwarting the IRGC’s illicit oil exports.

☆ Turkey starts paying for some Russian gas in roubles
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +1 min

ISTANBUL, Nov 8 (Reuters) - Turkey has started paying for some its natural gas from Russia in roubles, Turkish Energy Minister Fatih Donmez said on Tuesday. In an interview with broadcaster TRT Haber, Donmez said that in the coming months the share of local currency payments in energy trade with Russia would increase. Ankara and Moscow agreed in September to start rouble payments for natural gas supplies. When asked about Russian President Vladimir Putin's proposal for a natural gas hub in Turkey, Donmez said Ankara would layout a roadmap by the end of this year and may hold a conference for suppliers and buyers. "We could organise an international gas conference, perhaps in January or February, to bring together gas suppliers and importer countries to take their opinion, we will proceed according to that," Donmez said.

☆ Turkish President Erdoğan says he'll work with Putin to turn Turkey into a natural gas hub, and it marks the next step in Putin's attempts to keep selling Russian fuel to Europe
▼ + stars: | 2022-10-20 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Ankara will work with Moscow to create a natural-gas hub in Turkey, Turkish President Erdoğan said. The development comes a week after Putin offered to redirect natural-gas supplies to Europe via Turkey — a proposal that caught Turkish officials by surprise. Thus it is early to make an assessment," Turkish Energy Minister Fatih Donmez said at the time, per Reuters. "We will create a hub here with Turkish gas coming from Russia," Erdoğan said, per Anadolu, referring to gas coming from Russia as "Turkish gas." This would create a new route for the transport of natural-gas to to Europe via Turkey, thus "creating the largest gas hub for Europe in Turkey," Putin said.

☆ Putin offered to redirect natural-gas supplies to Europe via Turkey and make the country a gas hub. Turkey said this is the first time it's heard of the plan.
▼ + stars: | 2022-10-13 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Putin said Russia could send natural gas to Europe via Turkey, making it a "gas hub," per Reuters. That's because the key Nord Stream natural-gas pipelines linking Russia to Europe are damaged. Putin's statement comes two weeks after leaks were first reported on the key Nord Stream pipelines that transport natural gas from Russia to Germany. The German government flat out rejected the proposal to use Nord Stream 2 on Wednesday. Last month, he said the EU can simply turn on the new Nord Stream 2 pipeline if it wants more natural gas from Russia.

☆ Turkish energy minister: Putin proposal for gas hub in Turkey should be discussed
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +2 min

Speaking at the Russia Energy Week conference in Moscow, both Putin and Gazprom (GAZP.MM) head Alexei Miller suggested creating a gas hub in Turkey. "It is the first time we heard of the issue of supplying Europe through alternate routes, mentioned by President Putin in his speech. "These kinds of international projects need feasibility assessments... commercial aspects need to be discussed. Ankara's relations with Russia are complex, with the two countries cooperating closely on energy supplies while being at odds over Syria, Libya and Azerbaijan. Register now for FREE unlimited access to Reuters.com RegisterReporting by Reuters; editing by Guy Faulconbridge and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

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