Peak oil

The USA is pointed out as the leader in world oil markets over the next decade in the annual Medium-Term Oil Market report published by the International Energy Agency on Tuesday.

In the light of economic sanctions against Russia on world markets, the country is prognosed to resort to contracting many of its capacities.

Bankers Petroleum, the main crude oil producer in Albania, on Tuesday said it was partially halting its drilling programme while working on cost saving projects due to the fall in oil prices.

As the global economy has recently entered another crazy era with the plunging oil prices down to $60 per barrel, the Turkish economy is again in the middle of opposing trends; old and new “norms.”

In mid-term aspect, the fuel prices will continue to drop, said the executive director of OMV Bulgaria Petar Velichkov at a press conference.

He could not give specific numbers, as the price was determined by the movement of the global crude oil prices.

Although energy-addicted countries, including Japan and China, seem to be the winners of the plunging oil prices, the benefits seen by Turkey may be exaggerated The average world price of crude oil per barrel, which was around $112, has fallen to around $70 within a couple of months, and questions such as "Why did this happen, who will win, who will lose?" have started to be asked more frequen

Falling oil prices and Western pressure have forced Russia to cancel South Stream, according to an article published in the online edition of The Economist.

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By Chryssa Liaggou

The price of heating oil has gone down to 62 cents per liter for recipients of the state subsidy to the commodity, a level unseen in the domestic market since 2009, which has resulted in soaring demand after its 70 percent decline over the last couple of years.

Turkey's economic administration hopes that the fall in world oil prices will continue. The continuation of this trend may make serious positive contributions to economic equilibriums, starting from the decreasing of the high current account deficit figures.

The world will see much weaker oil demand growth in 2015 than forecast previously, the International Energy Agency said on Tuesday, adding that oil prices may drop further.

A People’s Democratic Party (HDP) lawmaker for the southeastern province of Batman, which is home to Turkey’s biggest oilfield, has presented a legal proposal to share the central government’s oil revenues with local administrations, in a move that has been seen as a vital step for autonomy by Kurdish politicians.