Energy crisis

Coronavirus pushes Brent oil to lowest in 31 months

The coronavirus epidemic has pushed the price of Brent crude on March 2 to its lowest in 31 months and on the same week that investors await the critical OPEC meeting that will be held in Vienna, Austria on March 5.

International benchmark Brent crude fell as low as $48.40 per barrel on March 2 to mark its lowest level since July 24, 2017, according to official data.

Turkey's crude steel output on rise in January

Turkey's crude steel production surged 17.3 percent year-on-year to 3 million tons in January, according to a trade association on March 2.

The country's steel products exports showed a moderate rise of 0.6 percent to 1.9 million tons during the same period, the Turkish Steel Producers' Association (TCUD) said in a statement.

Oil prices up with hopes of deeper OPEC production cuts

Crude oil prices were up on Feb. 5 as the global oil market and investors hope that the Organization of Petroleum Exporting Countries (OPEC) would make deeper cuts in crude production to support low prices.

The international benchmark Brent crude was trading at $54.20 per barrel at 0723 GMT for a 0.7 percent increase after closing on Feb. 4 at $53.81 a barrel.

Oil prices down with lost gains after Trump's comments

Crude oil prices were down on Jan. 8 having lost gains recorded in the previous sessions after U.S. President Donald Trump's comments to calm tensions in the Middle East.

"Iran appears to be standing down, which is a good thing for all parties concerned," Trump said on Jan. 8 amid Iran's attack on two locations in Iraq earlier in the day.

Oil prices up 3 pct with tensions in Middle East

Crude oil prices were up by around 3 percent during Jan. 3's trading start as rising tensions in the Middle East threaten secure crude supply from the region.

International benchmark Brent crude was trading at $68.18 per barrel at 0615 GMT with a 2.83 percent increase after closing on Jan. 2 at $66.30 a barrel.

Crude steel production at 31M tons in January-November

Turkey's crude steel output was 30.9 million tons in January-November, a trade association said on Dec. 17.

Crude steel production in the country dropped 10.4 percent the first 11 months of 2019 on an annual basis, the Turkish Steel Producers' Association (TCUD) said.

Meanwhile, the production of crude steel fell 15 percent to 2.7 million tons year-on-year in November.

Oil price could fall to $30: Novak

Russian Energy Minister Alexander Novak said on June 10 he could not rule out a scenario in which oil prices could fall to $30 per barrel if the global oil deal was not extended.
Novak said there were big risks of oversupply on the market and that Moscow needed to monitor the oil market more in order to be able to take a balanced decision in July.

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