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Bearing down on Turkey is a misunderstanding: US expert

- Economist Jeffrey Sachs stresses crucial need for sustainable development, hails Turkish first lady's zero waste initiative

home > Oil, Energy Security, International Relations, Middle East-Africa 04.11.2019 09:43

Bearing down on Turkey is a misunderstanding: US expert

A world-famous American economist urged a constructive way should be found for the sanction bill against Turkey in the U.S., saying “bearing down on Turkey is completely a misunderstanding.”

“The idea of bearing down on Turkey right now is, again, completely a misunderstanding compared to what we should be doing which is solving the region's problems,” Jeffrey Sachs, director of Columbia University Center for Sustainable Development, told TRT World in an exclusive interview.

During the interview Sachs talked about the U.S. decision to withdraw from Syria, formation of planned safe zone in northern Syria, as well as Turkey’s Zero Waste Project carried out under the auspices of Turkish President Recep Tayyip Erdogan and First Lady Emine Erdogan.

Addressing the economic situation in Turkey, he said: “I think about the fact that the U.S. has broken every export market of this country.”

Sachs pointed out that the war that broke out in Iraq did not only destroy a significant market for Turkey, but also resulted in flux of refugees in the country.

He said the same situation occurred when the U.S. carried out operation in the civil war-torn Syria.

“Iran is a major trading partner for Turkey. The U.S. puts on devastating sanctions by the way that the whole world disagrees with every country but the U.S. says, ‘by ourselves, we're going to put on sanctions and everyone else has to obey that’,” Sachs said.

When he recalled that the U.S. also declared a trade war with China which is another market for Turkey, he questioned: “So I say as an economist, are you kidding? How much pressure can you put on your ally?”

- Renewable energy

Sachs also said many powers flooded the oil-rich region.

“They were all trying to grab resources for decades at a time,” he said, adding that they would not care about the region otherwise.

“But oil actually also has to end because we have to move to wind, solar power, and renewable energy in the coming years,” he said.

Highlighting the urgent need to move to a zero carbon energy system, Sachs said otherwise the human being would kill itself through climate change.

“But the main message I think, for this region is, it's time for peace, it's time for technology improvement.

“It's time for ecological care for facing the water crisis, the sandstorm crisis, the pollution crisis in the region,” he said.

The economist added they could only be achieved in peace, not in war.

Stressing the crucial need for sustainable development, Sachs said Turkish First Lady Emine Erdogan’s zero waste initiative is one of the most important ones.

“We're really at the profound risk of our health and the destruction of nature,” he said, citing the large amount of pollution put into the waterways and onto the land.

“And so, the first lady has initiated a zero waste strategy for Turkey. She brought it to the United Nations [...],” Sachs said.

He said there is a lot of desire for global cooperation in the field and hailed the first lady’s leadership.

He also praised Turkey’s technical universities and engineers and said the country has got “the will to overcome this massive pollution and the environmental distress that is being caused.”

“I admire the leadership that's being shown,” Sachs said.

- Reconstruction of Syria

Turning to Syria crisis, he said, the ongoing war for eight years has been devastating for Syria, but a hardship for everybody.

Sachs said millions of people became refugees and added: “Turkey bears a very heavy burden of refugees, it is time for the fighting to end.”

“The war should be over because what Syria needs is rebuilding,” he said, and added, refugees “should and want to go home to a safe environment.”

According to Sachs, no mercenary soldiers paid by the U.S., Saudi Arabia or others should be present in the region and everybody should pull back to allow peace to take place.

“I hope Saudi Arabia or the Gulf countries in general could understand nothing is working if there's raging war going on in Syria or in Yemen,” he said.

“So in this sense, I believe that the region needs to take some action to say ‘end the wars, start the reconstruction, let the economy start to breed again’,” he added.

As part of his schedule in Turkey, Sachs also met Treasury and Finance Minister Berat Albayrak and discussed global trade and Turkey’s economic structure.

Sachs was listed twice among the Time magazine's 100 most influential world leaders and has received 28 honorary degrees.

The New York Time called Sachs “probably the most important economist in the world,” and Time called him “the world’s best-known economist.”

A survey by The Economist also ranked Sachs among three most influential living economists.

By Sevgi Ceren Gokkoyun, Tuba Sahin, and Sena Guler

Anadolu Agency

energy@aa.com.tr


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17.11.2019 Electricity , Transportation/Fuel Oil , World

'Ankara will continue to stand by Turkish Cypriots'

- Turkish Vice President Oktay attends official ceremony marking 36th anniversary of Turkish Republic of Northern Cyprus
18.11.2019 Natural Gas , Oil , Energy Diplomacy , Energy Security , International Organization , Energy Projects , General

Global oil production up in October

- OPEC crude oil production reaches 29.9 million barrels per day but forecast for 2020 will see fall in demand
16.11.2019 Oil , Finance , Middle East-Africa , General

Profitable Saudi oil to prompt demand for Aramco IPO

- "You are buying on the basis that it is highly profitable, and there is going to be demand for Saudi oil," expert says
16.11.2019 Refining/Petro Chemistry , Transportation/Fuel Oil , Oil , Energy Diplomacy , Energy Security , International Relations , Energy Projects , General

US crude oil production breaks new record

- Crude output reaches all-time high of 12.8 million barrels a day
16.11.2019 Upstream , Refining/Petro Chemistry , General

Global oil production up in October 2019

- In October, OPEC crude oil output shows increase of 943 thousand barrels per day to average 29.65 million barrels per day
15.11.2019 Oil , Finance , Middle East-Africa , General

Oil gains as US crude inventory draw less than estimate

- On demand side, pressure on crude could occur with rising dollar after Fed Chair's comments on potential end to rate hikes
15.11.2019 Refining/Petro Chemistry , Stock Market , Americas

EIA keeps oil price forecasts unchanged for 2020

- Brent crude estimated to average $60 a barrel next year
15.11.2019 Upstream , Stock Market , International Organization , Americas

Saudis to extract oil until last molecule: Energy Min.

- Saudi Arabia is working on a noble program to create a new way of using oil and gas
14.11.2019 Electricity , Oil , Projects , Energy Security , Energy Projects , Middle East-Africa

Oil down as Trump threatens China with more tariffs

- "... nobody’s cheated better than China," US President Donald Trump says
13.11.2019 Downstream , Stock Market , International Relations , Asia , Americas

Eastern Med: Turkey-led drill shows interoperability

- Dogu Akdeniz-19 provides advanced training opportunities to allied nations, says Pakistan navy captain
13.11.2019 Natural Gas , Oil , Energy Security , International Relations , Turkey

Oil recovers as Saudis to cut production for Aramco IPO

- Higher prices would benefit Saudi Aramco's initial public offering by rising investors' demand for company's shares
13.11.2019 Upstream , Stock Market , International Organization , Middle East-Africa

Iraq views Turkey as alternative for Basra oil exports

- Turkish investors can invest in energy projects to develop oil-rich city of Basra: advisor to Iraqi oil minister
12.11.2019 Oil , Middle East-Africa

Russia’s oil export volume up, revenue down in Jan-Sep

- Russia’s oil export volume increases by 3.3% to 197.6 million tonnes in Jan-Sep compared to same period last year
12.11.2019 Oil , Eurasia

Saudi Aramco to sell 0.5% in IPO to retail investors

- Oil reserves of company, estimated at 209 billion barrels, comes in as second largest in world after Venezuela
12.11.2019 Oil , Invesments , Energy Projects , Middle East-Africa

Oil down as Trump debunks US, China tariff roll back

- Crude prices down more than 1% as Trump says reports of tariff lift are "incorrect"
11.11.2019 Oil , Americas

Iran says injecting gas into 1,044 centrifuges

- Gas injection in Fordow was 4th step of decreasing Iran's commitment to 2015 nuclear deal
11.11.2019 Oil , Middle East-Africa

Iran finds new oilfield of massive size

- Iran says new oilfield has 53 billion barrels of reserves
12.11.2019 Oil , Middle East-Africa

Turkey:‘Declaring rights over Syrian oil is occupation’

-Those who say they will transfer resources of Syrian people to SDG are in favor of terrorism, says ruling AK Party spokesman
11.11.2019 Oil , Turkey , Americas

Oil rig count in US falls by seven this week

- Number of US oil rigs falls to 684
10.11.2019 Oil , Americas

Oil down slightly for week with oversupply, weak demand

- Oil prices fail to gain despite US-China trade optimism
09.11.2019 Upstream , Stock Market , International Relations , Asia , Americas

SOCAR AQS becomes Global Reporting Initiative member

- With Global Reporting Initiative Community membership, SOCAR AQS will apply high standards for transparency and reporting
09.11.2019 Natural Gas , Oil , International Organization , Asia , General

Oil retreats from highs with US, China deal uncertainty

- Technology transfer, intellectual property rights prevail as key topics to be hammered out in US-China trade deal
08.11.2019 Oil , Energy Security , International Relations , World

1 death, 1 injury at Syrian Banias refinery tank blast

- Explosion comes following Trump's remarks to not allow "reconstituted" Daesh to take over oil fields in northern Syria
08.11.2019 Oil , Energy Security , International Relations , Middle East-Africa

'Turkey's regulation aims to stem waste, not recycle'

- Over 26,000 institutions, more than 2 million people across Turkey were educated on zero waste, says expert
09.11.2019 Refining/Petro Chemistry , Turkey , General

US says Syrian oil revenues going to YPG/PKK-led SDF

- Pentagon denies proceeds going to US, maintains 'this is going to the SDF'
08.11.2019 Oil , Energy Diplomacy , Middle East-Africa , General

Turkish firm pledges to stop using single-use plastic

- Plastic waste covers over 3 million square meters in Pacific Ocean, says Koc Holding CEO
08.11.2019 Refining/Petro Chemistry , Turkey , General

Oil rises as US, China to roll back tariffs for deal

- Approval of phase one of interim trade deal dependent on both countries removing reciprocal tariffs
08.11.2019 Downstream , Stock Market , International Relations , Asia , Americas

Oil prices steady as markets await US-China trade deal

- Donald Trump, Xi Jinping meeting to sign phase one trade deal postponed to next month
07.11.2019 Downstream , Stock Market , International Relations , Asia , Americas

Crude oil inventories in US swell for w/e Nov. 1

- Commercial crude inventories rise by 7.9 million barrels
08.11.2019 Oil , Energy Security , Americas

Rosneft income up, revenue slightly down in 3rd qtr.

- Net income rises 58%, revenue falls 2.2% from third quarter of last year
07.11.2019 Natural Gas , Oil , Energy Projects , Asia

Chesapeake net loss shrinks, revenue falls in 3rd qtr.

- Revenue decreases to $2.09 billion in third quarter of 2019, marking a 13.6% decline year-over-year
06.11.2019 Upstream , Upstream , Invesments , Americas

Oil prices down with crude inventory build in US

- US crude oil inventories are forecast to rise by 4.26 million barrels for week ending Oct. 31, according to API figures
06.11.2019 Refining/Petro Chemistry , Stock Market , Americas

Big oil, gas find in UAE boosts ranking to 6th in world

- Reserves include 7 billion barrels of oil, 1.64 trillion cubic meters of gas, lifting UAE up from 7th position globally
06.11.2019 Natural Gas , Oil , Middle East-Africa , General

Oil industry needs $10.6 trillion investment up to 2040

- Upstream sector requires $8.1 trillion, while downstream and midstream need $1.4 trillion and $1 trillion between 2018-2040
06.11.2019 Oil , World

Hungary's MOL agrees to buy stakes in Azeri projects

- Total stake transaction in ACG oil field and BTC pipeline is considered to be in region of $1.57 billion, statement says
05.11.2019 Oil

Oil prices up with US-China trade deal optimism

- World's two largest economies and oil consumers expected to reach some form of a deal by year-end
05.11.2019 Downstream , International Relations , Asia , Americas

Protests impede Iraq's oil-based economy

- Protesters block a number of vital bridges, roads and trading places
05.11.2019 Oil , Energy Security , Middle East-Africa

US building new military bases in Syria's oil-rich area

- US sends additional soldiers, armored vehicles, heavy weapons, ammunitions to region
05.11.2019 Oil , Energy Diplomacy , Americas , Middle East-Africa

Sweden's Lundin reports lower earnings in 3Q19

- Lower oil prices, drop in sales and costlier exploration are reasons behind lower earnings for Swedish company
04.11.2019 Oil , Europe , General

Saudi Aramco prepares for $2T IPO in Tadawul on Dec. 11

- World's most profitable company targets $2 trillion valuation that is set to surpass Microsoft, Apple, Alphabet
05.11.2019 Upstream , Projects , Oil , Middle East-Africa

Oil prices down with oversupply, weak demand

- US oil output at record level, while US-China trade war remains unresolved
05.11.2019 Upstream , Stock Market , International Relations , Asia , Americas

China is ready to work with ASEAN for South China Sea

- The code of the conduct proposed by China paves way for negotiations between China and ASEAN countries
05.11.2019 Oil , Energy Security , International Organization , Asia

Unrest causes 'great economic damage’: Iraqi PM

- Protestors achieve most objectives; many decisions taken to meet demands, Adel Abdul-Mahdi says
04.11.2019 Oil , Energy Security , Middle East-Africa

Bearing down on Turkey is a misunderstanding: US expert

- Economist Jeffrey Sachs stresses crucial need for sustainable development, hails Turkish first lady's zero waste initiative
04.11.2019 Oil , Energy Security , International Relations , Middle East-Africa

Saudi regulator approves Aramco's request to list

-CMA approved Aramco's request for initial public offering
04.11.2019 Oil , Finance , News from companies , Middle East-Africa , General

Chevron's revenue, net income decline in third quarter

- Net income falls 36.3%, revenue decreases 17.9% year-over-year
03.11.2019 Oil , Stock Market , Americas

Oil rig count in US falls by five this week

- Number of US oil rigs falls to 691
03.11.2019 Upstream , Americas

ExxonMobil net income, revenue down in third quarter

- Net income falls by 49.2%, while US upstream earnings decline 94% year-over-year
02.11.2019 Finance , Downstream , Americas , General

Oil prices head for weekly loss with high stock build

- Commercial crude stocks in US rises for sixth time in past seven weeks
02.11.2019 Downstream , General

SOCAR AQS completes well drilling in Bulla-Deniz field

- Bulla-Deniz field is one of the most challenging high pressure fields in the world
02.11.2019 Oil , Eurasia

Oil steady after losses with US, China trade woes

- Oil prices lose more than 1.8% on Friday from previous trading session
01.11.2019 Oil , Stock Market , International Relations , Asia , Americas

Baker Hughes income quadruples in third quarter

- Net income comes in at $57 million in July-September period, up from $13 million
31.10.2019 Oil , Invesments , Americas

Hess revenue falls, net loss widens in third quarter

- Company posts net loss of $205 million in third quarter, while revenue is down 17.5% from same period of last year
31.10.2019 Upstream , Invesments , Americas

Total's third quarter profit falls year-on-year by 24%

- Production increases by 8.4% in 3rd quarter
31.10.2019 Oil , Europe

Turkey's energy import bill falls 11.7% in September 2019

- Country's crude oil imports increases by 30% in September 2019 compared to same month last year
01.11.2019 Oil , Energy Security , Turkey
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