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      Highlights of Türkiye's energy market in 2024

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      Spot market natural gas prices for Tuesday, Nov. 5

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

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

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      Spot market natural gas prices for Thursday, Jan. 5

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      Turkish president announces more gas reserves found in Black Sea

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      Spot market natural gas prices for Thursday, April 17

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      Türkiye's natural gas imports up 17.7% in October

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      Global gas production to increase by around 32% by 2050

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      Türkiye's LPG production up 10.1% in April

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      Cold winter drives gas price spikes, LNG inflows to Europe: Oxford

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      Oil production in Türkiye's eastern region breaks first record in 2024

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      Oil up in w/e Dec. 15 on demand optimism, central bank interest rate decisions

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      US crude oil inventories down 1% for week ending Dec. 8

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      US oil rig count up for week ending Dec. 8

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      US oil rig count down by 6 for week ending June 28

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Highlights of global energy market in 2023

- Renewable energy surge, OPEC+ production policies, and deepening climate commitments mark 2023

home > Natural Gas, Oil, Renewable, International Organization 27.12.2023 10:57 Sibel Morrow

Highlights of global energy market in 2023

Global energy markets have continued suffering from the war in Ukraine and the subsequent energy crisis this year, with energy security and supply fears the main issues, particularly since the escalation in geopolitical tension with the Israel-Palestine war.

The year 2023 has seen the rise of liquefied natural gas (LNG), as many European Union (EU) countries placed their hopes in imported LNG after severely cutting ties with Russian pipeline gas. This is in line with the EU's struggle to diversify energy resources in the sanction-plagued bloc, which has suffered from skyrocketing energy costs since last year.​​​​​​​

Various alternative energy resource options were on the table, including pipeline expansions into Europe from the Caspian, Middle East, or East Mediterranean. However, these options faced several commercial, technical and political barriers including the continent’s unwillingness to promote new fossil fuel infrastructure.

LNG resources came to the rescue when Europe unexpectedly and urgently sought alternatives as the bloc used every means possible, including forced gas demand destruction, to ensure stock-filling ahead of the northern hemisphere winter.

European countries have made significant investments in the development and expansion of LNG import terminals along their coastlines and have also entered into long-term and spot contracts with LNG suppliers. These initiatives provide a means of obtaining gas from a range of global markets, including the US, Qatar, and Australia, among others.


-Oil markets suffer from demand, supply uncertainties amid weak economic indicators

Oil prices settled below $100 a barrel after last year’s highs of around $139 a barrel over sluggish global economic activity in China, US interest rate hikes and the turmoil in the banking industry in the US and European countries, resulting in slower GDP growth expectations for most major economies.

The turmoil in the banking industry came at a time when central banks, especially in advanced economies, have been raising interest rates to lower persistent inflation as countries across the world are dealing with cost of living crises.

On March 12, US regulators shut down New York-based Signature Bank just two days after the failure of Silicon Valley Bank (SVB).

Fears of a spillover effect in the US banking sector crisis and its impact on oil demand outlook further put downside pressure on oil prices despite OPEC+ production cuts and US efforts to balance supply shortages by selling oil from its emergency stockpiles.

On Feb. 5, sanctions on Russian oil products supported price increases while contributing to supply concerns during the first months of the year.

The ban on refined petroleum products like diesel came two months after the G7 decision to cap the price of Russian oil at $60 per barrel and the EU ban on Russian seaborne crude exports on Dec. 5, 2022.

Rising demand as China removed the majority of virus-related restrictions also lent some support in easing investor demand concerns. However, the country’s economy has not fully recovered and has struggled throughout the year.

The Chinese government tried to prevent a deepening economic slowdown after almost two years of pandemic restrictions by ramping up stimulus in various sectors, including the property sector.

The most recent slew of economic data from the Chinese statistics bureau signals stubbornly poor domestic demand in China. In November, consumer prices in the country plummeted at the quickest rate in three years, while producer price deflation continued for the 14th month.


-OPEC+ unity in danger as group loses Angola

The year 2023 was a tough period for OPEC+ countries as the group suffered from problems with compliance, production targets and price management under its targeted levels. The dissatisfaction of some group members over production quotas was evident throughout the year, resulting in Angola’s decision to leave the group, a decision that is set to have a knock-on effect on other countries that are unhappy with the group’s plans.

Nonetheless, Angola’s decision was followed by Brazil’s announcement that it would join the OPEC+ group as of Jan. 1.

The group’s efforts to balance markets have been broadly successful, although prices have remained mostly below the minimum price target of $80 a barrel. This has led the group to further deepen its production cuts, with Saudi Arabia shouldering most of the burden.

Since October 2022, Saudi Arabia has been contributing to the group's joint cut of 2 million barrels per day (bpd) that will run until the end of 2024. Additionally, Saudi Arabia has led the way with cuts of 500,000 bpd starting in May as part of the collective cuts of around 1.6 million bpd.

Furthermore, the country announced in July another voluntary cut of 1 million bpd, which is set to expire this December.

On Nov. 30, several members of the OPEC+ group announced additional voluntary cuts of around 2.2 million barrels per day (bpd) for the first quarter of 2024.

The voluntary cuts, which will be in place from January and March next year, will gradually end, subject to market conditions “to support market stability.”

The production cuts of the OPEC+ group failed to impact bullish market sentiment but rather supported price declines, as investors expected larger output cuts based on the predictions of the International Energy Agency, which signaled a supply surplus of almost 1.3 million bpd during the first quarter of next year.


-Renewables gain ground as major economies tend to shift away from fossil fuels

A surge in renewable energy adoption was also among the developments reshaping the global energy landscape in 2023.

The rift between hydrocarbon producers and countries calling for a “transition away from fossil fuels" was more salient during the COP28 climate summit held in the United Arab Emirates (UAE) in November.

The event saw discussions on whether fossil fuels should have a seat at the negotiating table during COP28 or if they have a future at all amid calls from OPEC countries that renewables and oil should coexist without posing a mortal threat to each other.

Nonetheless, negotiators at the COP28 climate summit in the UAE on Dec. 13 agreed on a final draft agreement, urging nations to move away from fossil fuels to avert the worst impacts of climate change.

Some other important energy developments this year are as follows:

On Jan. 10, Belgium extended the life of two nuclear reactors by 10 years, overturning an earlier decision to halt nuclear power in 2025.

On Feb. 1, Russia's embargo on oil supplies to countries and businesses adhering to a Western-imposed price restriction took effect. The decree, signed by Russian President Vladimir Putin on Dec. 27, prohibits the supply of Russian crude oil and oil products "at all stages" if contracts directly or indirectly abide by the price cap.

On Feb. 5, the EU embargo on Russian refined products took effect as the eight-month transition period ended.

On Feb. 9, Norwegian multinational Equinor announced an oil and gas discovery in the North Sea, with estimates of recoverable oil equivalent of between 17 and 47 million barrels.

On Feb. 17, Abu Dhabi National Oil Company (ADNOC) delivered its first-ever Middle East cargo of around 137,000 cubic meters of LNG ffrom Abu Dhabi to Germany.

On March 10, Türkiye’s Energy Market Regulatory Authority (EMRA) awarded US-based electric carmaker Tesla a license to operate a charging network in Türkiye.

On March 27, Saudi Arabia’s energy giant Aramco signed an 83.7 billion yuan ($12.2 billion) deal with two Chinese partners for the construction of an integrated refinery and petrochemical complex in northeast China.

On March 28, EU negotiators agreed to expand the deployment of electric and hydrogen recharging stations for cars, trucks, and even stationary planes to enable the transport sector to reduce its carbon footprint.

On April 10, Tesla agreed to build a new megafactory in China's financial hub, Shanghai, to manufacture the company's energy storage product, Megapack.

On April 13, Ukraine’s state energy company Naftogaz won an arbitration case against Russia, requiring the payment of $5 billion to Ukraine for losses caused by the seizure of Naftogaz Group's assets in Crimea in 2014.

On April 25, the Council of the EU announced that EU member states had approved five new laws that “will enable the EU to cut greenhouse gas emissions within the main sectors of the economy,” including the maritime transport and aviation industries.

The legislation is part of the EU’s main climate action package called “Fit for 55,” which aims to reduce the bloc’s greenhouse gas emissions by at least 55% by 2030 compared to 1990 levels.

On April 26, EU institutions agreed on a new law obliging the aviation industry to use more sustainable fuels from 2025 on.

On April 27, the Netherlands announced that it would spend €28 billion ($31 billion) in the next few years to meet its 2030 climate goals.

On May 4, France and Japan inked a nuclear cooperation deal to strengthen collaboration in the advancement and exploration of next-generation nuclear technology.

On May 31, Japanese lawmakers passed a bill to grant a mandate for the country’s nuclear reactors to run beyond the 60 years of their typical lifetime operations.

On June 7, the US decided to shut down its largest coal-fired power plant in the US state of Pennsylvania to replace it with cleaner and more efficient power plants.

On June 20, Uzbekistan signed a deal with Russia to import 9 million cubic meters of gas a day for two years, starting on Oct. 1, 2023.

On Aug. 24, Japan began releasing treated nuclear waste from the crippled Fukushima power plant into the sea, ignoring opposition from fishing communities and China.

On Oct. 5, Germany approved the resumption of lignite-fired power plants in the event of winter energy shortages. The plants will be brought online, if necessary, between October and the end of March 2024.

On Oct. 11, Exxon Mobil said it would acquire Pioneer Natural Resources for $59.5 billion.

On Oct 13, QatarEnergy and Italian firm Eni signed a 27-year deal for the supply of up to 1 million tons per year of liquefied natural gas from Qatar to Italy.

On Nov. 17, Jordan announced that it would not sign a deal with Israel to exchange solar energy for desalinated water in light of Israel’s war against Hamas.

On Dec. 11, Occidental Petroleum agreed to purchase a US private shale oil company, CrownRock, in a deal estimated to be worth around $12 billion, including debt.

On Dec. 13, the COP28 climate summit approved the 'UAE Consensus' for the new draft final agreement on climate change.

On Dec. 18, the UK said it would impose a carbon levy on imported goods by 2027 as part of a regulation to support the country’s decarbonization drive.

On Dec. 19, Bulgaria banned the processing of Russian oil from March 1, 2024.

By Sibel Morrow

Anadolu Agency

energy@aa.com.tr



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11.06.2025 Natural Gas

Spot market natural gas prices for Sunday, June 8

- 1,000 cubic meters of natural gas on spot market costs 13,806 Turkish liras
09.06.2025 Natural Gas

Spot market natural gas prices for Saturday, June 7

- 1,000 cubic meters of natural gas on spot market costs 13,871.34 Turkish liras
08.06.2025 Natural Gas

Spot market natural gas prices for Friday, June 6

- 1,000 cubic meters of natural gas on spot market costs 13,770 Turkish liras
07.06.2025 Natural Gas

Spot market natural gas prices for Thursday, June 5

- 1,000 cubic meters of natural gas on spot market costs 13,799.41 Turkish liras
06.06.2025 Natural Gas

Japan to propose cooperation on rare earth elements in US tariff talks: Report

- Tokyo seeks supply chain deal to ease China-driven shortages and accelerate tariff relief
06.06.2025 Natural Gas

Spot market natural gas prices for Wednesday, June 4

- 1,000 cubic meters of natural gas on spot market costs 13,649.42 Turkish liras
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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