Energy crisis

Capping the price of Russian oil, an approach G7 members said Friday they want to pursue "urgently," would be an unprecedented move and one which some analysts say could backfire.        

The Greek government spokesman, Mr Yiannis Economou, announced increases in the heating allowance and the expansion of its administration.

At the same time, he confirmed that a plan for cheaper travel is under consideration and that the relevant ministries are working on ideas beyond the usual ones to support citizens.

Measures to confront the crisis

Global oil demand will rise more than previously forecast this year as heatwaves and soaring gas prices are prompting countries to switch fuels for power generation, the International Energy Agency has said.    

The headline construction cost index increased by 3.97 percent on a monthly basis in May, easing from the 6.12 percent rise in the previous month, data from the Turkish Statistical Insitute (TÜİK) have shown.

The annual increase in the construction cost index also slowed from 106.6 percent in April to 105.7 percent, TÜİK said.

Oil fell in early European trading by nearly 2% amid fears of a global economic slowdown and even the risk of an impending recession, which would worsen the outlook for demand for the important energy raw material.

The end-year inflation expectations in Türkiye increased from 64.59 percent in June to 69.94 in July, according to the Central Bank's Survey of Market Participants.

Consumer prices are expected to increase by 3.4 percent on a monthly basis in June, while the monthly inflation rate is forecast to ease to 2.88 percent in August, the survey, which was released on July 8, also showed.

Oil futures fell more than 5% on Wednesday to more than 5% against one-month price lows amid growing fears that the Fed's and other central banks' interest rate-raising policies in a bid to fight record inflation will slow economic growth and it even risks provoking a recession, which in turn reduces the demand for important energy raw materials.

Ljubljana – Owners of motor vehicles are heading for Slovenian service stations en masse on Sunday as regular petrol and diesel prices are expected to rise considerably when a new pricing model kicks in on Tuesday. All three major fuels providers, Petrol, OMV and MOL, have experienced occasional shortages today.

Retail prices in Istanbul increased by 5.84 percent in May from April, the Istanbul Chamber of Commerce (İTO) said yesterday.

On an annual basis, retail prices exhibited an increase of 87.35 percent.

The rate of increase in retail prices on a monthly basis in the country's largest city, however, eased. In April, retail prices in Istanbul soared 11.36 percent from March.

Brent spot prices were approaching $120 earlier today on news that the EU managed to agree on an immediate embargo on 2/3 of oil imports from Russia. We saw Oil trading above current levels for just a couple of days in March.