Energy crisis

Israel-Hamas conflict could lead to oil price spike: World Bank

The war between Israel and Hamas could trigger price shocks for raw materials such as oil and agriculture products if the conflict escalates across the Middle East, the World Bank warned in a report yesterday.

Oil has already risen six percent since the latest round of fighting, sparked when Hamas militants from Gaza stormed southern Israel.

Confidence in economy increases for second month

Confidence in the Turkish economy increased for a second month in a row in October, data from the Turkish Statistical Institute (TÜİK) have shown.

The economic confidence index advanced 1.2 percent from the previous month after rising 1.3 percent month-on-month in September.

Any index figure above 100 indicates an optimistic outlook about the general economic situation.

Eni profits slump on lower prices

Italian energy giant Eni said on Oct. 27 its net profit fell 67 percent to 1.91 billion euros in the third quarter of 2023, hit by falling oil and gas prices.

The figure was however higher than predicted by analysts surveyed by financial data firm FactSet, who had forecast a profit of 1.64 billion euros.

Adjusted net profit also fell, by 51 percent to 1.81 billion euros.

Emergency EU oil meeting focused on securing diesel supply

European Union officials discussed diversifying oil stocks and creating a buffer for diesel and gasoil during an emergency meeting of the bloc's oil coordination group, one told Reuters.

Friday's meeting was called by the EU commissioner for energy Kadri Simson to assess potential supply risks in case the Israel-Hamas conflict triggers a broader regional one.

Oil prices spike as Saudi Arabia, Russia extend  cut

Saudi Arabia and Russia have agreed to extend their voluntary oil production cuts through the end of this year, trimming 1.3 million barrels of crude out of the global market and boosting energy prices.

The dual announcements from Riyadh and Moscow pushed benchmark Brent crude above $90 a barrel in trading yesterday, a price unseen in the market since November.

Annual growth in agriculture input costs slows

The downward trend in the annual increase in the costs in the agriculture sector continued in June, data from the Turkish Statistical Institute (TÜİK) have shown.

The agricultural input price index rose by 27.7 percent in June from a year ago, easing from the 33.2 percent year-on-year rise recorded in the previous month.

China reports biggest drop in exports since 2020

China last month suffered its biggest drop in exports for more than two years, according to official figures yesterday, as the world's second-largest economy struggles with sluggish global demand and a domestic slowdown.

The data will likely ramp up calls for leaders to do more to revive growth, having laid out a series of stimulus measures in recent weeks.

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