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      Spot market natural gas prices for Tuesday, Nov. 5

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      Global natural gas investments to reach almost $9 trillion by 2050

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      Spot market natural gas prices for Thursday, April 17

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Highlights of global energy market in 2018

- U.S. sanctions against Iran, OPEC's oil cut pact extension, oil rebalancing and climate concerns were hot topics in 2018

home > Natural Gas, Oil, Renewable, International Relations, International Organization, World, Türkiye 18.12.2018 09:55 Gülşen Çağatay

Highlights of global energy market in 2018

The global energy sector in 2018 largely featured the U.S.’ decision to impose sanctions against Iran, the Organization of Petroleum Exporting Countries (OPEC)'s decision to lower oil output, extensive oil price fluctuations and climate concerns.

In May, U.S. President Donald Trump withdrew the U.S. from a nuclear deal, which was signed in 2015 between Iran and the P5+1 group of nations (the five permanent members of the UN Security Council plus Germany).

In late July, Trump said he was ready to hold talks with his Iranian counterpart Hassan Rouhani without preconditions, however, parties had no official meetings.

On August 6, the U.S. Secretary of State Mike Pompeo said Washington would enforce sanctions against Iran claiming it was in contravention of the deal that placed restrictions on its nuclear program in exchange for billions of dollars in sanctions relief.

Following the U.S. withdrawal from the Joint Comprehensive Plan of Action (JCPOA), the first phase of U.S. sanctions against Iran hit the automotive, banking, and mining sectors in August.

The second phase of sanctions, targeting Iran’s energy sector, shipbuilding, shipping and financial sectors, came into effect on Nov 5.

-OPEC oil production decision

OPEC agreed in November 2016 to reduce 1.2 million barrels per day (bpd) from its output at that time.

In December 2016, Russia and non-OPEC producers said they would reduce their production by 600,000 bpd. The agreement was later extended until the end of 2018.

On June 15 this year, OPEC announced its decision to increase its crude production by reducing the level of compliance from its previously agreed quotas from more than 150 percent in May to 100 percent as of July 1.

When the cartel met with Russia and other non-OPEC countries on June 16, they agreed to reduce their compliance levels to 100 percent.

On June 23, OPEC and non-OPEC countries announced their adherence to the overall conformity level of 100 percent as of July 1, which added around 1 million barrels a day to global oil supply.

OPEC said then that participating countries would strive to adhere to the overall conformity level for the remaining duration of the Declaration of Cooperation (DOC) and for the Joint OPEC and Non-OPEC Ministerial Monitoring Committee (JMMC) who were tasked with monitoring and reporting back the overall conformity level to the OPEC and non-OPEC Ministerial Meeting.

A press release from the organization on June 23 said "the member countries have exceeded the required level of conformity that had reached 152 percent in May 2018."

At the beginning of November, OPEC and its allies announced crude output cuts of 1.2 million barrels per day (mbpd) to balance the global oil market. Members agreed the cartel would curb production by 800,000 mbpd, while non-OPEC oil producers, including Russia, would cut output by 400,000 bpd.

The supply cuts were based on production levels of participating countries in October 2018. The cuts will take effect in January 2019 for six months, according to a joint communique from the cartel and its allies, dubbed as OPEC+ following the Vienna meeting in early December.

The deal and its impact on the market will be reviewed in April 2019, when OPEC+ meet to decide on their strategy for July onwards.

- Global oil price fluctuations

At the beginning of 2018, global oil prices were recorded at around $67 per barrel.

Crude oil prices on Jan. 4 reached their highest level in two and a half years amid tensions in Iran and with the ongoing support of OPEC's production cut agreement. After opening the day at $67.85 per barrel, Brent gained 0.58 percent to reach as high as $68.25 per barrel, reaching its highest level since May 13, 2015.

In mid-January, Brent hit $70 per barrel, the highest level in three years supported by OPEC's production cut agreement.

In late April, Trump slammed OPEC and complained the cartel was keeping crude oil prices high.

"Looks like OPEC is at it again. With record amounts of Oil all over the place, including the fully loaded ships at sea. Oil prices are artificially Very High! No good and will not be accepted!" Trump wrote on Twitter.

Four days later after Trump's tweet, Brent hit the $75 per barrel mark.

At the beginning of May, Brent saw a rise due to Trump's decision to pull the U.S. out of the Iranian nuclear deal. On May 8, Brent crude hit $77.18 per barrel at 10.35 am Turkish local time while WTI saw prices of $71.17 per barrel.

On Oct. 3, Brent oil hit a yearly high of $86.74 per barrel, but plummeted to $57.50 on Nov 29.

During the period from May to December, oil prices were highly influenced by the U.S. decision to impose sanctions on Iran, along with OPEC's move to rebalance the market and with escalating trade tensions between the U.S. and China.

On Dec 13, crude oil prices showed gains with the easing of trade tensions between the U.S. and China providing market optimism, while crude oil inventories in the U.S. experienced declines.

The price of international benchmark Brent crude was trading at $60.48 per barrel at 0645 GMT on Dec. 13 with a daily gain of 0.5 percent, after it ended Wednesday, Dec. 12 at $60.15 a barrel.

- Combatting climate change and COP24 Katowice

The United Nations (UN) Climate Change Conference took place between Dec. 3 and 14 in Katowice in Poland.

During the conference, the UN’s top climate official called for urgent action on climate and warned against the catastrophic consequences of global warming. In the conference, climate impacts on the displacement of a large number of people were widely discussed.

Climate change is expected to increase the number of migrants that live outside their country of origin, the number of which was registered as over 258 million on Dec. 6, according to UN data.

Climate change that impacts large movements of people, include increasingly long heatwaves, droughts and sea-level rises that make land uninhabitable.

The COP meeting saw a set of recommendations drawn up to help countries cope with the displacement of people as a result of climate change.

- Qatar announces decision to leave OPEC

On Dec. 3, Qatar announced its decision to leave the cartel after 57 years, but targets to increase its LNG production.

The move could be a point-of-no-return in the medium-term for Qatar, given its strained relations with Saudi-led countries in the Middle East.

Qatar has been the world's biggest LNG exporter every year since 2006, having a 30 percent share in the global LNG market, according to British Petroleum's Statistical Review of World Energy published annually.

Having the third largest gas reserves in the world, after Russia and Iran, Qatar plans to increase its LNG production capacity per annum from 77 million tons to 110 million tons, Qatar Energy Minister Saad Sherida Al Kaabi said on Sept. 26.

Qatar's departure from OPEC is unlikely to have much impact on the cartel's production, given that it only has a small output share in the organization.

The country's oil production was 609,000 barrels per day in October, according to OPEC's Monthly Oil Market report in November. This constituted 1.8 percent of OPEC's total production in October, which stood at 32.9 million barrels per day (bpd), the report showed.

On May 23, 2017, the crisis between Qatar and Saudi Arabia, the United Arab Emirates, Bahrain, Egypt, and Yemen erupted when Qatar’s official News Agency (QNA) website was reportedly hacked by an unknown group that allegedly posted false remarks -- attributed to Qatari Emir Tamim bin Hamad al-Thani -- about U.S. foreign policy and Iran.

The same day, the Twitter account of Qatar’s foreign minister featured a statement urging the ambassadors of Saudi Arabia, Egypt, Kuwait, Bahrain and the United Arab Emirates to leave Qatar within 24 hours.

On June 2, 2017, the United Arab Emirates, Saudi Arabia, Bahrain, Egypt and Yemen all abruptly announced their decision to sever diplomatic relations with Qatar, citing “national security” concerns. These countries, excluding Yemen, threatened to impose further sanctions on Doha if it failed to accept a long list of demands including the closure of the Qatar-funded Al Jazeera television.

In September, Qatar signed an agreement with the U.K. to purchase 24 Eurofighter Typhoon fighter jets, according to Qatar's Defense Ministry.

On Nov. 7, 2017, Qatar signed contracts worth €12 billion ($14.15 billion) with French companies during a one-day visit by President Emmanuel Macron amid a continuing crisis between Doha and its Gulf neighbors. The contracts covered defense, armaments, the operation and maintenance of metros and tramways, and soil pollution treatment.

Qatar denies the accusations levied against it and described attempts to diplomatically isolate it as a violation of international law and its national sovereignty.

The world's biggest LNG supplier is also forging ahead with a partnership with ExxonMobil for the $1.3 billion Golden Pass LNG terminal in Texas, which is set to start LNG production from shale gas in five years.

By Gulsen Cagatay

Anadolu Agency

energy@aa.com.tr


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05.06.2025 Natural Gas , General

Spot market natural gas prices for Tuesday, June 3

- 1,000 cubic meters of natural gas on spot market costs 13,797.61 Turkish liras
05.06.2025 Natural Gas

EU gas imports to fall 25% by 2030 as bloc exceeds demand reduction targets

- REPowerEU plan targets 100 bcm gas cut by 2030 through efficiency and renewables
09.06.2025 Natural Gas , Energy Security , General

Spot market natural gas prices for Sunday, June 1

- 1,000 cubic meters of natural gas on spot market costs 13,894.29 Turkish liras
02.06.2025 Natural Gas

Türkiye, Azerbaijan to sign new deal to boost oil, gas production in Azerbaijan

- Shafag-Asiman Production Sharing Agreement to form another partnership between Turkish Petroleum, SOCAR, and bp, says Alparslan Bayraktar
04.06.2025 Natural Gas , Oil , Energy Diplomacy

Spot market natural gas prices for Saturday, May 31

- 1,000 cubic meters of natural gas on spot market costs 13,597.23 Turkish liras
01.06.2025 Natural Gas , Finance

Spot market natural gas prices for Friday, May 30

- 1,000 cubic meters of natural gas on spot market costs 13,546.92 Turkish liras
01.06.2025 Natural Gas

Gazprom's net profit rose to $8.4B in Q1

- Company's revenue and profit up 1% year-on-year in Q1
02.06.2025 Natural Gas

Türkiye’s first floating gas platform reaches Black Sea port

- Türkiye’s first floating natural gas production platform, Osman Gazi, arrived Saturday, May 31, at Filyos Port in Zonguldak on Türkiye’s Black Sea coast
03.06.2025 Natural Gas

Spot market natural gas prices for Thursday, May 29

- 1,000 cubic meters of natural gas on spot market costs 13,717.86 Turkish liras
30.05.2025 Natural Gas

Türkiye's natural gas imports up 35.9% in March

- Russia, US, and Azerbaijan are Türkiye's largest gas suppliers, providing 1.79 bcm, 1.49 bcm, and 1.04 bcm, respectively
30.05.2025 Natural Gas

Spot market natural gas prices for Wednesday, May 28

- 1,000 cubic meters of natural gas on spot market costs 13,579.54 Turkish liras
29.05.2025 Natural Gas

Spot market natural gas prices for Tuesday, May 27

- 1,000 cubic meters of natural gas on spot market costs 13,420.83 Turkish liras
28.05.2025 Natural Gas

Spot market natural gas prices for Monday, May 26

- 1,000 cubic meters of natural gas on spot market costs 13,432.95 Turkish liras
28.05.2025 Natural Gas

Spot market natural gas prices for Sunday, May 25

- 1,000 cubic meters of natural gas on spot market costs 13,301.23 Turkish liras
26.05.2025 Natural Gas

Spot market natural gas prices for Saturday, May 24

- 1,000 cubic meters of natural gas on spot market costs 13,360.75 Turkish liras
26.05.2025 Natural Gas

Spot market natural gas prices for Friday, May 23

- 1,000 cubic meters of natural gas on spot market costs 13,489.27 Turkish liras
24.05.2025 Natural Gas

Spot market natural gas prices for Thursday, May 22

- 1,000 cubic meters of natural gas on spot market costs 13,827.40 Turkish liras
23.05.2025 Natural Gas

Spot market natural gas prices for Wednesday, May 21

- 1,000 cubic meters of natural gas on spot market costs 13,687.44 Turkish liras
22.05.2025 Natural Gas

Global LNG exports rise 3.1% in 1st quarter on soaring EU demand

- Cold weather and halt in Russian gas flows via Ukraine boost LNG demand in Europe, while Asian demand declines, says sector report
23.05.2025 Lng/Lpg

Spot market natural gas prices for Tuesday, May 20

- 1,000 cubic meters of natural gas on spot market costs 13,715.74 Turkish liras
21.05.2025 Natural Gas

Spot market natural gas prices for Monday, May 19

- 1,000 cubic meters of natural gas on spot market costs 13,785.36 Turkish liras
20.05.2025 Natural Gas

Spot market natural gas prices for Sunday, May 18

- 1,000 cubic meters of natural gas on spot market costs 13,802.50 Turkish liras
19.05.2025 Natural Gas

Spot market natural gas prices for Saturday, May 17

- 1,000 cubic meters of natural gas on spot market costs 13,815.93 Turkish liras
18.05.2025 Natural Gas

New Black Sea gas discovery bolsters Türkiye's geopolitical role

- "Türkiye has become a central country both politically, militarily and diplomatically, and it is further strengthening this position and crowning it with the energy card," expert says
22.05.2025 Natural Gas

Spot market natural gas prices for Friday, May 16

- 1,000 cubic meters of natural gas on spot market costs 13,539.32 Turkish liras
17.05.2025 Natural Gas

Spot market natural gas prices for Thursday, May 15

- 1,000 cubic meters of natural gas on spot market costs 13,587.77 Turkish liras
16.05.2025 Natural Gas

Spot market natural gas prices for Wednesday, May 14

- 1,000 cubic meters of natural gas on spot market costs 13,643.20 Turkish liras
15.05.2025 Natural Gas

Spot market natural gas prices for Tuesday, May 13

- 1,000 cubic meters of natural gas on spot market costs 13,743.39 Turkish liras
14.05.2025 Natural Gas

Spot market natural gas prices for Monday, May 12

- 1,000 cubic meters of natural gas on spot market costs 13,779.59 Turkish liras
13.05.2025 Natural Gas

Spot market natural gas prices for Sunday, May 11

- 1,000 cubic meters of natural gas on spot market costs 13,827.79 Turkish liras
12.05.2025 Natural Gas

Spot market natural gas prices for Saturday, May 10

- 1,000 cubic meters of natural gas on spot market costs 13,828.10 Turkish liras
12.05.2025 Natural Gas

Spot market natural gas prices for Friday, May 9

- 1,000 cubic meters of natural gas on spot market costs 12,831.69 Turkish liras
10.05.2025 Natural Gas

Spot market natural gas prices for Thursday, May 8

- 1,000 cubic meters of natural gas on spot market costs 13,842.37 Turkish liras
09.05.2025 Natural Gas

Türkiye plans to send 6 mcm of gas daily to Syria in 3 months: Turkish energy min.

-Natural gas to be used to generate electricity at power plant in northwestern Syrian city of Aleppo, says Alparslan Bayraktar
12.05.2025 Electricity , Natural Gas

Captain of Hong Kong ship charged with damage to Baltic gas pipeline

- Chinese national, 43, facing charges in 2023 damage to Balticconnector gas pipeline, maritime safety breaches
10.05.2025 Natural Gas

Spot market natural gas prices for Wednesday, May 7

- 1,000 cubic meters of natural gas on spot market costs 13,687.39 Turkish liras
09.05.2025 Natural Gas

Spot market natural gas prices for Tuesday, May 6

- 1,000 cubic meters of natural gas on spot market costs 12,085.7 Turkish liras
07.05.2025 Natural Gas

Spot market natural gas prices for Monday, May 5

- 1,000 cubic meters of natural gas on spot market costs 12,925.34 Turkish liras
06.05.2025 Natural Gas

Spot market natural gas prices for Sunday, May 4

- 1,000 cubic meters of natural gas on spot market costs 12,949.51 Turkish liras
05.05.2025 Natural Gas

Spot market natural gas prices for Saturday, May 3

- 1,000 cubic meters of natural gas on spot market costs 12,960.51 Turkish liras
04.05.2025 Natural Gas

Türkiye says power system strong amid European blackout

- While expanding renewable sources such as solar and wind, Türkiye also relies on steady supplies like coal and gas to keep system balanced, senior Turkish energy official tells Anadolu
05.05.2025 Electricity , Natural Gas , Renewable , Thermal , Coal , Energy Diplomacy

Spot market natural gas prices for Friday, May 2

- 1,000 cubic meters of natural gas on spot market costs 12,976.49 Turkish liras
04.05.2025 Natural Gas

Syrian energy minister calls Türkiye to invest in Syria amid cross-border cooperation plans

- Türkiye-Syria to sign framework agreement for broader energy cooperation, Mohammed al-Bashir tells Anadolu
06.05.2025 Electricity , Natural Gas , Oil , Energy Diplomacy

BOTAS official elected to executive committee of International Gas Union

- A senior official at Turkish Petroleum Pipeline Corporation (BOTAS) has been elected to the Executive Committee of the International Gas Union (IGU), the organization's highest decision-making body, Turkish energy company said late Friday
03.05.2025 Natural Gas

Spot market natural gas prices for Thursday, May 1

- 1,000 cubic meters of natural gas on spot market costs 12,951.21 Turkish liras
02.05.2025 Natural Gas

Spot market natural gas prices for Wednesday, April 30

- 1,000 cubic meters of natural gas on spot market costs 12,772.68 Turkish liras
01.05.2025 Natural Gas

Spot market natural gas prices for Tuesday, April 29

- 1,000 cubic meters of natural gas on spot market costs 12,563.37 Turkish liras
30.04.2025 Natural Gas

Turkish, Hungarian national oil companies to begin exploration at 2 sites in Hungary

- Cooperation between TPAO and Hungary’s MOL expected to grow stronger and continue in future, says Alparslan Bayraktar following signing new deal between 2 national oil companies
02.05.2025 Natural Gas , Oil , Energy Diplomacy

EU natural gas imports hold steady in 1st quarter as consumption falls

- EU imports of Russian pipeline gas via Türkiye rises 16% year-on-year in 1st quarter despite halt in Russian gas transit through Ukraine, IEEFA data shows
01.05.2025 Natural Gas

Spot market natural gas prices for Monday, April 28

- 1,000 cubic meters of natural gas on spot market costs 12,565.87 Turkish liras
29.04.2025 Natural Gas

Türkiye's natural gas imports up 16.6% in February

- Russia, US, and Azerbaijan are Türkiye's largest gas suppliers, providing 2.41 bcm, 2.02 bcm, and 876 mcm, respectively
28.04.2025 Natural Gas

Spot market natural gas prices for Sunday, April 27

- 1,000 cubic meters of natural gas on spot market costs 12,518.90 Turkish liras
28.04.2025 Natural Gas

Spot market natural gas prices for Saturday, April 26

- 1,000 cubic meters of natural gas on spot market costs 12,491.53 Turkish liras
27.04.2025 Natural Gas

Spot market natural gas prices for Thursday, April 24

- 1,000 cubic meters of natural gas on spot market costs 12,587.24 Turkish liras
26.04.2025 Natural Gas

Spot market natural gas prices for Wednesday, April 23

- 1,000 cubic meters of natural gas on spot market costs 12,683.55 Turkish liras
24.04.2025 Natural Gas

Europe's gas market faces tight storage, Russian LNG shift as summer nears

- April 2025 Outlook by ICIS highlights policy uncertainty and supply risks
25.04.2025 Natural Gas , Energy Diplomacy , General

Spot market natural gas prices for Tuesday, April 22

- 1,000 cubic meters of natural gas on spot market costs 12,660.60 Turkish liras
23.04.2025 Natural Gas
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