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US growing isolated in international system under Trump

- Credibility of US government with a president as 'erratic' as Trump is greatly diminished, says expert

home > Finance, Türkiye, Americas, General 18.08.2018 11:54

US growing isolated in international system under Trump

By spurning multilateral organizations and damaging economic ties with its allies, the U.S. under President Donald Trump is growing more isolated in the international system it has created, an expert said Tuesday.

Starting his tenure at the White House with the slogan “make America great again,” Trump has severely alienated his country from the international system. As the U.S.’ leadership in the international arena has been questioned since the Cold War ended, Trump has been acting like a bull in a china shop, damaging his country’s bilateral ties one after another.

- Not recognizing international institutions, treaties

Trump has come under fire for refusing to abide by international institutions and agreements ever since he took office by unilaterally withdrawing from various agreements, including the North American Free Trade Agreement (NAFTA), Paris climate change agreement, Transatlantic Trade and Investment Partnership (TTIP), and, finally, the Iran nuclear deal.

"Trump's 'America First' policy disregards and attacks international institutions and the U.S.' allies," Kadir Ustun, executive director of Washington-based think-tank the SETA Foundation, told Anadolu Agency.

Ustun said Trump's stance could clearly be seen in his decisions on Jerusalem and Iran.

He prefers to deal with countries bilaterally. He did that to China and Russia, the U.S.' main competitors, in addition to Canada, Mexico and Turkey, which are American allies."

After beginning renegotiation of the North American Free Trade Agreement (NAFTA) with Canada and Mexico last year, which is still not concluded, Trump started a trade war with China and U.S. ally the European Union this year by imposing tariffs on steel and aluminum.

One of his first steps after taking office in January 2017 was to withdraw the U.S. from the Trans-Pacific Partnership deal and then from the historic Paris agreement on climate change that June. Trump announced in May that he was pulling the U.S. out of the historic Iran nuclear deal as well.

"All those agreements have been criticized by Trump because he was not part of them," Ustun said.

"However, the U.S. is becoming more isolated in the current international system by drawing itself away from it. This system was founded and led by the U.S. for years," he added.

Ustun argued that the Trump administration does not care about working with America’s allies anymore. He said instead that Trump claims he is trying to protect U.S. interests through bilateral negotiations with both its allies and rivals.

"The reason the U.S. has been the most important country of the current world system is the international alliance it has created. While Trump does not try to lead this system, he also takes economic and political steps that would drain the system," he said.


- Alone on Jerusalem decision

After disregarding all negotiations for Middle East peace and Palestinians, nearly the whole world -- apart from Israel and a few small countries -- came together to challenge Trump’s decision to recognize Jerusalem as the capital of Israel.

Following Trump’s Dec. 6 announcement of the change in U.S. policy on Jerusalem and despite his threats, on Dec. 21 the UN General Assembly overwhelmingly adopted a Turkish-sponsored resolution rejecting his move by a vote of 128-9, with 35 abstentions.

While nearly all EU countries supported the motion, the U.S. was left alone with Israel, as well as Guatemala, Honduras, the Marshall Islands, Micronesia, Nauru, Palau, and Togo.

Trump therefore had not only the Islamic world, but nearly the whole world side against him. Trump's move took the U.S. role in Middle East peace out of the equation.

During this process, U.S. Vice President Mike Pence visited the Middle East twice without meeting with any Palestinian official. This was a critical step for the diplomatic legitimacy of the U.S. in the region, as its role of a mediator in the Middle East peace process has gradually been lost.


- Differences with EU over Iran

When withdrawing from the historic Iran nuclear deal, the U.S. led by Trump was unable to find a strong ally except for Israel.

When Trump announced his unilateral withdrawal from the international agreement on May 8, the other signatory countries -- major powers China, Russia, France, the U.K., and Germany -- balked strongly.

The Trump administration, which particularly ignored the calls of EU countries to renegotiate the treaty, took the first step in a unilateral sanction regime with renewed Iran sanctions set to go into effect in two rounds in August and November.

But the EU commission putting an updated "blocking statute" into effect showed clearly that the EU was disturbed by the unilateral U.S. sanctions. The statute aims to preserve the nuclear deal by preventing EU companies from complying with U.S. sanctions in order to annul foreign court rulings against them and permit them to recover damages from any potential penalties.


- Tariffs as foreign policy tool

Trump's latest attack was against Turkey, a longtime NATO ally. Trump said Friday he gave the order to double the tariffs on the steel and aluminum the U.S. imports from Turkey -- a move that added to the political dispute between the two countries, who have been allies for more than 60 years.

"There's no doubt that he poured fuel on the fire," Jacob Kirkegaard, a senior fellow at the Washington-based Peterson Institute for International Economics, told Anadolu Agency.

"You would probably have at least paid lip service, or sent a signal, that you were not completely uninterested in what happens to the Turkish economy," he added.

While the U.S. dollar has been gaining against the Turkish lira in recent weeks, this could have been beneficial for American manufacturers that were importing steel and aluminum from Turkey if Trump had not decided to double the tariffs.

The decision “shows that Trump is clearly willing to use trade policy and tariffs as a general tool of foreign policy. And this is a foreign policy that is 'America First' or Trump's foreign policy. It is not a foreign policy that is devoted to the promotion of free trade or liberal democracy or anything like that. It is a foreign policy that is devoted to whatever Trump wants to do on any given day. That, of course, is a very discouraging signal to send to financial markets in general," Kirkegaard said.


- Criticizing NATO and the UN

After the vote condemning his Jerusalem decision, Trump further slashed U.S. funding for the UN by $285 million and also removed the U.S. from two major UN bodies -- the United Nations Relief and Works Agency for Palestine Refugees (UNRWA) and the population fund.

This method of Trump had in fact been proven useless in the past when sanctions were imposed on both Saddam’s Iraq and to UN bodies. Using the economy to punish countries only draws a rebuff from the international community.

Just like with the UN, Trump was criticized for acting like a company CEO looking out for the U.S.' interests rather than a spirit of international alliance.

A look at Trump’s scandalous behavior at the latest G7 summit in Canada, his visit to the U.K., the security conference in Munich, and many others would be enough to see how little the world cares for his approach. He paints a picture of a leader fighting and belittling his allies, and one having issues with diplomatic courtesy.

Trump slammed NATO and its members in Brussels last month. Since last year, he has been critical of the organization, demanding that other NATO members pay their “fair share” of the defense budget instead of letting the U.S. shoulder most of the organization’s financial burden.

While this has proved not to be the case, Turkey has been a strong member of NATO since its foundation and supportive of the U.S. after the September 2001 terrorist attacks by sending troops to Afghanistan.

"Gathering all the European countries for a common goal is no easy task, but if you manage to do this, that would have a more permanent and global result compared to establishing bilateral ties with each of them," Ustun said.

"For example, NATO is not only a military organization but also an ideological institution that supports democratic values and human rights. Trump has reduced the meaning of NATO to issues with its budget. He diminished NATO's value and decreased its level of deterrence. In Russia's view, the cracks within NATO have become more visible due to Trump."

Kirkegaard said Trump's criticism of NATO is an indication of the fact that he does not attach a lot of value to the organization.

"The message he's sending is that the U.S. is not willing to go the extra mile, or be constructive, or be engaging in order to salvage NATO," he said.

"It once again signals that the countries that thought the U.S. was their ally should probably have less faith in that relationship with the U.S. because it doesn't matter very much to this president. That's very clear," he added.

- US credibility slumping

Kirkegaard argued that the credibility of the U.S. as a global leader is also in decline with the Trump administration.

"I don't think that any other country should take Trump's word having any value, or even his commitment to international agreements. I for one would caution anybody to enter into agreements bilaterally with this administration because Trump may wake up tomorrow and simply renounce it," he said.

"The credibility of the U.S. government with a president as erratic and devoid of firm convictions as Trump is greatly diminished," he concluded.

- Trade wars

Trump's policy of "America First," as an "America Alone" approach, has quickly reflected itself in the U.S.' international trade. Trump, who dislikes previously negotiated international agreements, wants to act as a playmaker on a new ground that accepts no conditions other than the U.S.’.

The Trump administration not only alienated itself from China with its March 23 tariffs on aluminum and steel, but from EU countries exporting these to the U.S., its neighbors Canada and Mexico, and NATO allies including Turkey.

American manufacturers who depend on steel and aluminum raw materials as well as several countries have inevitably been negatively affected by the situation.

In fact, Myron Brilliant, executive vice president and head of international affairs at the Chamber of Commerce, said the chamber has warned for months that “alienating our allies in a tit-for-tat trade war would harm the U.S. economy and undermine American global leadership, and evidence of that harm to U.S. workers, farmers, and businesses is mounting”.

The Trump administration managed to unite his rivals and allies in opposing the steel and aluminum decision that has cost U.S, manufacturers in the short and medium-term.

Turkey and the EU, which decided to challenge the U.S. at the World Trade Organization (WTO), argue that the U.S. has severely damaged international norms and acts unilaterally.

Many U.S. economists argue that Trump's approach will cause significant damage to American companies and consumers in the medium term, and stress that it will not be easy to reestablish the international trade balances harmed by this process.

For instance, Nobel Prize-winning economist and New York Times columnist Paul Krugman on May 31 branded Trump’s tariffs “What a Stupid Trade War.” Krugman laid out reasons why the trade war “will actually be a job-killer” for the U.S.


- Trade war with China

As a result of the U.S.’ 25 percent tariffs, China said it would impose $3 billion worth of tariffs, between 15-25 percent, on 128 American goods.

After the U.S. announced its plan to impose 25 percent tariffs on 1,300 Chinese goods worth $50 billion in April, Beijing immediately said it would place 25 percent tariffs on 106 American goods worth $50 billion.

On June 18, Trump ordered a list of an additional $200 billion in Chinese goods for 10 percent tariffs. They officially begun implementing tariffs worth $34 billion on the imports on July 6, while Beijing immediately imposed retaliatory tariffs.

Trade talks between the U.S. and China will resume on Aug. 23. Setting a second tranche of China tariffs, the U.S. made a list of $16 billion worth of Chinese goods that will be hit with a 25 percent tariff.

In a recent analysis posted on China International Radio, Li Fuyi from the China Makro Economy Research Institute argued that China is different from the U.S.’ previous rivals.

Fiyu claimed that the U.S. could limit both Moscow and Tokyo, but the current international financial regime says Beijing is a stronger actor.

- Alternatives to US

With all these developments, it became clear that the U.S. is not the only choice in the world system but that in fact many medium-sized and large powers have more than one option.

As Trump's trade wars with China and the EU grow, Russia and China announced that they would use more Chinese yuan instead of dollars in trade among themselves. Similarly, the U.S. suspending $255 million in military aid to Pakistan made it seek closer ties with China and India.

Finally, imposing additional tariffs on steel and aluminum on Turkey, using the detention of American pastor Andrew Brunson as an excuse, the Trump administration actually contributed to Ankara and Moscow getting closer -- ties which they highly criticized.

All these examples show that the U.S.' economic power and its approach to using money as a foreign policy tool will not work as well as it used to in the current multipolar world order.

Brian Klaas, professor at the London School of Economics (LSE), last year wrote an analysis titled "'America first' is becoming America alone’," saying the U.S. is slowly turning into a less dependable and more isolated ally.

As the Trump administration closes diplomatic doors with Turkey, Ankara’s improved relations with EU countries such as Britain, Germany and the Netherlands, as well as Russia, and its effort to develop financial new relationships with various parts of the world signals the new U.S. approach is backfiring.


- ‘Trump can't apply unilateral measures, pressure, sanctions against key NATO ally’

“It's a quite unfortunate decision that increases tensions in the region, which doesn't need this kind of escalation. And if there are trade problems, which are sometimes legitimate, then they could be settled in a multilateral context within a world trade organization, but not by unilateral measures, pressure and sanctions against a very key, important ally,” Marc Finaud, a senior program advisor at the Geneva Centre for Security Policy, told Anadolu Agency on Wednesday.

As a result, Trump, who has already become one of the most controversial presidents in American history, continues to push away not only the U.S.' opponents, but also its traditional allies, leaving the U.S. all alone.


By Ovunc Kutlu in New York and Hakan Copur in Washington D.C.

Anadolu Agency

energy@aa.com.tr


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- Weakening of dollar is boosting demand appetite among market players, supporting upward movement in oil prices
24.04.2025 Oil , Finance

US oil rig count up by 1 for week ending April 17

- Number of US oil rigs fall by 30 compared to one year ago
22.04.2025 Oil , Finance

Türkiye could slash emissions, double economic gains by 2053 through energy efficiency

- With strengthened efficiency policies, Türkiye can boost domestic energy supply to 90% by 2053, new report by IICEC reveals
23.04.2025 Electricity , Renewable , Finance

Türkiye, Azerbaijan, Bulgaria and Georgia signs MoU for "Green Electricity Transmission and Trade Project"

- Once project is implemented, transmission systems will be modernized, production infrastructure will operate more efficiently, and energy security will increase, Türkiye's energy minister said
05.04.2025 Electricity , Finance , Energy Diplomacy

Turkish Wind Energy Association to promote Türkiye's wind potential to wider audience in Denmark

- Over 550 companies to showcase their latest products and services at WindEurope event, TWEA says
04.04.2025 Finance , Wind , Energy Diplomacy

Türkiye's electricity generation from renewables reaches nearly half of total production in Q1 2025

- Electricity generation in the first three months of 2025 reached a total of 86.5 million MWh, with 35 MWh coming from renewable sources
04.04.2025 Electricity , Renewable , Finance

Int. Energy Agency says energy innovation slowing despite potential

-'We require investment, both public and private, to scale up innovative solutions,' says Fatih Birol, head of IEA
03.04.2025 Electricity , Oil , Renewable , Finance

Spot market electricity prices for Sunday, March 16

- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 875.65 million Turkish liras
15.03.2025 Electricity , Finance

US oil rig count up by 1 for week ending March 14

- Number of US oil rigs down by 23 compared to one year ago
18.03.2025 Oil , Finance

Türkiye's daily power consumption up 0.03% on March 12

- Electricity exports amount to 14,634 megawatt-hours and imports total 1,269 megawatt-hours
14.03.2025 Electricity , Finance

Syria, Saudi energy company discuss cooperation in agricultural sector

- Two sides discuss 'ways to rehabilitate agricultural infrastructure to build integrated projects that contribute to greater investment and the creation of new job opportunities'
13.03.2025 Finance , Energy Projects

OPEC daily crude output up 0.6% in February

- Global oil demand growth forecast for 2025 remains unchanged at 1.45 million barrels per day
14.03.2025 Oil , Finance

Hydropower leads Türkiye's renewable production in early 2025

- Türkiye's total installed electricity capacity is nearing 117,000 megawatts, with dam-based hydroelectric power plants accounting for 20.4%
14.03.2025 Electricity , Finance

Türkiye ranks 3rd in Europe for onshore wind energy capacity increase

- Europe adds 13.8 GW of new onshore energy capacity in 2024, WindEurope says
13.03.2025 Finance , Wind

Daily oil production in Gabar reaches 78,000 barrels, Türkiye's energy minister says

- Over 3,000 jobs and 78,000 barrels of daily oil production represent a major step in Türkiye's journey toward energy independence
08.03.2025 Oil , Finance

Europe's wind energy capacity increases by 16.4 GW in 2024

- Total capacity reaches 285 GW with Germany leading the increase
28.02.2025 Finance , Wind , Energy Diplomacy

Türkiye's daily consumption of natural gas hits record high on Monday

- Previously, Türkiye sets record on February 7 with a daily consumption of 300 million cubic meters
28.02.2025 Natural Gas , Finance

AI will play significant role in enhancing energy generation, consumption processes: Expert

- Artificial intelligence utilized in smart grids, energy demand management, pre-fault detection in power plants, and maintenance and repair
22.02.2025 Electricity , Finance , General

Türkiye to install 1 GW wind energy capacity in 2025

- After 2026, energy storage systems to debut, enhancing grid stability and optimizing use of wind energy
21.02.2025 Electricity , Finance , Wind

Türkiye's installed solar power capacity exceeds 20,000 MW

- Share of solar energy in Türkiye's total electricity installed capacity reaches 17.5%
18.02.2025 Renewable , Finance , Solar

US, Japan, South Korea vow to bolster trilateral alliance

- Countries emphasize 'unshakable' alliance, shared commitment to maintaining stability in Asia-Pacific
17.02.2025 Finance , Energy Diplomacy

Norway's sovereign wealth fund posts record $222B annual profit

- Sovereign wealth fund chief credits strong stock market, especially US tech stocks, for stellar results
30.01.2025 Finance

EBRD's investments in Türkiye reach record of €2.6 billion last year

- European bank continues to invest in Turkiye's energy sector and infrastructure, making country as the most invested country
16.01.2025 Finance

Global mining needs $6 trillion over next decade, Saudi minister says

- 4th annual international meeting of mining ministers opens in Riyadh with participations of representatives from 85 countries
15.01.2025 Finance , General

Türkiye's licensed power generation up 4.64% in October

- Installed electricity capacity rises by around 1.03% in October compared to same month in 2023
01.01.2025 Electricity , Finance

Türkiye's daily power consumption up 14.7% on Dec. 23

- Electricity exports amount to 15,589 megawatt-hours and imports total 1,938 megawatt-hours
25.12.2024 Electricity , Finance

bp, Abu Dhabi’s XRG form joint venture for gas in Egypt

- New joint venture Arcius Energy 51% owned by bp and 49% by XRG, ADNOC's international investment arm
18.12.2024 Natural Gas , Finance

Spot market electricity prices for Monday, Dec. 16

- Energy Exchange Istanbul (EXIST) data shows electricity market trade amounts to around 1.64 billion Turkish liras
16.12.2024 Electricity , Finance

Scottish government approves £150 million offshore wind fund

- Capital to support growth of offshore wind sector and support thousands of green jobs across Scotland
13.12.2024 Finance , Wind

Spot market electricity prices for Monday, Dec. 9

- Energy Exchange Istanbul (EXIST) data shows electricity market trade amounts to around 1.31 billion Turkish liras
08.12.2024 Electricity , Finance

Türkiye's daily power consumption down 5.6% on Dec. 7

- Electricity exports amount to 17,564 megawatt-hours and imports total 305 megawatt-hours
09.12.2024 Electricity , Finance

Qatar to invest over $1.2B in climate technology in UK

- New UK-Qatar clean energy partnership expected to create thousands of jobs across UK, in Doha
06.12.2024 Renewable , Finance

European Invest. Bank to loan €1B for Spain's solar, wind energy projects

- Investment to add 2.3 gigawatts of renewable energy capacity and support Spain's energy transition, bank says
29.11.2024 Finance , Wind , Solar

European bank invests $2.3B in Türkiye in 2024 so far

- Total investments exceed $22.1B, with a focus on green projects
29.11.2024 Finance

Tatarstan attracts third of Turkish investments in Russia, says senior official

-'From industrial plants to real estate, retail, and hotel developments, Turkish companies play a key role in our region,' CEO of Tatarstan's investment agency tells Anadolu
27.11.2024 Finance

World Investment Conference 2024 kicks off in Riyadh

- "This conference is an invaluable platform to share Saudi Arabia's vision and forge partnerships that promote sustainable global economic growth," Saudi Arabia's Minister of Investment, Khalid Al-Falih said
26.11.2024 Finance

Spot market natural gas prices for Saturday, Nov. 16

- 1,000 cubic meters of natural gas on spot market costs 12,077.57 Turkish liras
17.11.2024 Natural Gas , Finance

Spot market electricity prices for Monday, Nov. 18

- Energy Exchange Istanbul (EXIST) data shows electricity market trade amounts to around 1.68 billion Turkish liras
17.11.2024 Electricity , Finance

Türkiye's daily power consumption down 4.35% on Nov. 16

- Electricity exports amount to 19,528 megawatt-hours and imports total 219 megawatt-hours
18.11.2024 Electricity , Finance , General

Energy giants pledge $500 million to tackle climate change

- bp, Equinor, Shell, and TotalEnergies committed $500 million at COP29 to enhance global energy access and advance sustainable energy solutions
16.11.2024 Finance

COP29 pushes for $1 trillion in climate financing for developing nations

- "Falling short on climate investment before 2030 risks compounding costs and intensifying the path to stability in later years," experts warn at COP29
15.11.2024 Finance

European bank reveals Türkiye investment strategy for next 5 years

- EBRD to prioritize green transition, human capital development, private sector competitiveness, infrastructure, and regional integration in Türkiye
13.11.2024 Finance

Turkish energy min. highlights importance of cooperation for renewable energy finance

- 'We have less than three decades to achieve carbon neutrality,' says Alparslan Bayraktar addressing COP29 session
13.11.2024 Finance , Energy Diplomacy

World faces critical need of $2T in annual climate financing

- Securing agreement on new climate financing target tops COP29 agenda, says OECD spokesperson
12.11.2024 Finance

Spot market natural gas prices for Saturday, Nov. 9

- 1,000 cubic meters of natural gas on spot market costs 12,091.08 Turkish liras
10.11.2024 Natural Gas , Finance

World Bank, Türkiye in talks to finance $28B energy transmission plan

- World Bank supports Türkiye's energy transition plan, which aims to add 90 gigawatts of renewable energy by 2035, reaching at 120 gigawatts
11.11.2024 Electricity , Finance

Spot market electricity prices for Thursday, Nov. 7

- Energy Exchange Istanbul (EXIST) data shows electricity market trade amounts to around 1.5 billion Turkish liras
06.11.2024 Electricity , Finance

Annual inflation eases to 4.4% in OECD amid weaker energy prices

- Energy inflation drops in 34 OECD countries in September, 17 of which already saw negative energy inflation in August
07.11.2024 Finance

Türkiye's daily power consumption up 3.12% on Nov. 5

- Electricity exports amount to 15,969 megawatt-hours and imports total 1,181 megawatt-hours
06.11.2024 Electricity , Finance

Climate Investment Funds grant $70 million to accelerate Türkiye's renewable energy integration

- Fund will contribute to Türkiye's renewable energy grid expansion and boost battery storage, advancing country's green goals
05.11.2024 Finance , Renewable

International Finance Corporation provides major investment package for Türkiye

- IFC's investments confirm Türkiye's position as 3rd largest country of activity of corporation
02.11.2024 Finance

TotalEnergies' 3rd-quarter income drops sharply

-French oil giant's net adjusted income impacted by lower refining margins and reduced drilling activities
31.10.2024 Finance

Shell beats market expectations with $6 billion profit in 3Q24

- Energy giant's adjusted earnings exceeds forecasts by 12% despite lower oil prices and weaker refining margins
01.11.2024 Oil , Finance

Spot market natural gas prices for Friday, Oct. 25

- 1,000 cubic meters of natural gas on spot market costs 11,875 Turkish liras
28.10.2024 Natural Gas , Finance

Spot market electricity prices for Monday, Oct. 28

- Energy Exchange Istanbul (EXIST) data shows electricity market trade amounts to around 1.50 billion Turkish liras
27.10.2024 Electricity , Finance

Türkiye's daily power consumption down 4.65% on Oct. 26

- Electricity exports amount to 18,274 megawatt-hours and imports total 116 megawatt-hours
28.10.2024 Electricity , Finance

Spot market electricity prices for Thursday, Oct. 24

- Energy Exchange Istanbul (EXIST) data shows electricity market trade amounts to around 1.42 billion Turkish liras
23.10.2024 Electricity , Finance

Oil steady as falling US demand counters Mideast tension

- Oil prices climb 2% after Israeli army took responsibility for killing head of Hezbollah's Executive Council
24.10.2024 Oil , Finance

Norwegian sovereign wealth fund posts $76.4B profit in Q3

- World's largest sovereign wealth fund reaches $1.7 trillion market value
24.10.2024 Finance

Türkiye's daily power consumption up 3.88% on Oct. 22

- Electricity exports amount to 14,911 megawatt-hours and imports total 409 megawatt-hours
23.10.2024 Electricity , Finance , Coal

Spot market natural gas prices for Saturday, Oct. 19

- 1,000 cubic meters of natural gas on spot market costs 11,892.26 Turkish liras
20.10.2024 Natural Gas , Finance

Spot market electricity prices for Monday, Oct. 21

- Energy Exchange Istanbul (EXIST) data shows electricity market trade amounts to around 1.18 billion Turkish liras
20.10.2024 Electricity , Finance

Türkiye's daily power consumption down 4.85% on Oct. 19

- Electricity exports amount to 16,081 megawatt-hours and imports total 1,866 megawatt-hours
21.10.2024 Electricity , Finance

Türkiye's daily power consumption down 0.8% on Oct. 10

- Electricity exports amount to 14,064 megawatt-hours and imports total 4,269 megawatt-hours
12.10.2024 Electricity , Finance , General

Spot market electricity prices for Saturday, Oct. 12

- Energy Exchange Istanbul (EXIST) data shows electricity market trade amounts to around 1.45 billion Turkish liras
11.10.2024 Electricity , Finance

Spot market electricity prices for Monday, Oct. 7

- Energy Exchange Istanbul (EXIST) data shows electricity market trade amounts to around 1.55 billion Turkish liras
06.10.2024 Electricity , Finance , General

Spot market natural gas prices for Saturday, Oct. 5

- 1,000 cubic meters of natural gas on spot market costs 12,183.05 Turkish liras
06.10.2024 Natural Gas , Finance , General

Türkiye's daily power consumption down 0.06% on Oct. 4

- Electricity exports amount to 14,998 megawatt-hours and imports total 1,926 megawatt-hours
09.10.2024 Electricity , Finance

Geopolitical concerns 'very serious': Bank of England warns of Middle East oil shock risk

- 'There are obviously stresses, and real issue then is how they might interact with some still quite stretched markets in places,' says Andrew Bailey, Bank's governor
05.10.2024 Oil , Finance

Türkiye's green transition to attract substantial investment, senior IFC official says

- Saturday's high-level international meeting to focus on Türkiye's investment climate and strategies to attract more foreign direct investment
30.09.2024 Renewable , Finance

Türkiye's EPIAS and Verra partner on world's 1st voluntary carbon credit exchange

- Agreement allows Verra certified carbon credits to be bought and sold on EPIAS platform
26.09.2024 Finance

Europe turns to LNG investments for supply security, uses half capacity

- Half of EU's LNG terminals had utilization rates below 50% in first half of this year
17.09.2024 Finance , Lng/Lpg , General

TotalEnergies sells its shares in Total Parco in Pakistan

- New entity to continue its retail business under existing 'Total Parco' brand
07.08.2024 Finance , General

Shell reports 18.6% profit fall in 2Q24

- Decline in company's second-quarter profit is driven by low prices and sales levels, as well as weak liquefied natural gas (LNG) trading
06.08.2024 Finance

Türkiye's daily power consumption breaks new record on July 19

- Electricity consumption reaches 1,189,507 megawatt-hours due to greater demand amid rising temperatures
20.07.2024 Electricity , Finance

US oil rig count down by 1 for week ending July 19

- Number of US oil rigs fall by 53 compared to one year ago
22.07.2024 Oil , Finance

Fortescue to axe 700 jobs as it merges mining, energy divisions

- Fortescue implements initiatives 'to simplify its structure, remove duplication and deliver cost efficiencies,' as part of new merger
18.07.2024 Renewable , Finance

Turkish energy ministry and World Bank hold meeting aimed at boosting energy cooperation

- Minister Bayraktar says cooperation with international financial institutions need to be increased to accelerate energy transition
11.07.2024 Electricity , Natural Gas , Finance , Energy Projects

Türkiye sets new record for daily power consumption with 1.34% increase on July 9

- Electricity exports amount to 6,779 megawatt-hours, and imports total 10,162 megawatt-hours, according to Turkish Electricity Transmission Corporation
11.07.2024 Electricity , Finance , Geothermal/Biomass

Abu Dhabi oil giant ADNOC secures $3B green financing deal with Japanese bank

Deal marks next milestone in long-standing strategic energy relationship between UAE and Japan
06.07.2024 Finance

Türkiye's daily power consumption up 1.06% on July 3

- Electricity exports amount to 6,453 megawatt-hours and imports total 12,213 megawatt-hours
05.07.2024 Electricity , Finance

Türkiye's oil imports up 18.7% in April 2024

- Crude oil, the largest share of imports, sees rise in April of 37.5% to 2.78 million tons, latest data shows
30.06.2024 Oil , Finance

Türkiye's gas imports down 39.8% in April 2024

- Azerbaijan, Iran and Russia are Türkiye's largest gas suppliers, providing 1 bcm, 543 mcm and 413 mcm, respectively
02.07.2024 Natural Gas , Finance
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