Sales of electric cars in the Turkish market increased by 862.8 percent during the first nine months of this year compared to the same period last year, reaching 39,051 cars.

Data from the Automobile Distributors Association showed on Saturday that total sales of cars and light commercial vehicles increased by 64.8 percent in the first nine months of 2023 compared to the same period in 2022 and reached 857,575.

The share of electric cars in total market sales increased during the aforementioned period from 1 to 3 5.9 percent.

According to the same data, the market share of hybrid cars increased from 10.2 to 10.5.

Sales of gasoline cars ranked first with 448,152 cars, followed by diesel cars in second place with 102,184 cars.

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Crude oil prices rose at the beginning of weekly trading on Monday, driven by Russia’s announcement banning the export of fuel derivatives to most of its markets.

Last week, the Kremlin said that it would ban the export of fuel derivatives, especially (gasoline and diesel), in an attempt to reduce the prices of derivatives sold in the local market.

Despite being subjected to sanctions related to the crude and derivatives industry from the West due to the war in Ukraine, Russia is still a major global exporter of oil and gas.

In early trading today, futures prices for Brent crude for November delivery rose by 0.5 percent, or 46 cents, to $92.42 per barrel.

In the same direction, futures prices for US West Texas Intermediate crude for November delivery rose by 0.56 percent, or 50 cents, to $90.53 per barrel.

The rise in prices also comes at a time when global demand for crude oil has increased for several reasons, the most recent of which is the possibility of the Federal Reserve raising interest rates at a meeting to be held early next November, which means an increase in the strength of the dollar and an increase in its cost to importers.

This month, oil prices recorded unprecedented levels since November 2022, amid the extension of production cuts by members of the OPEC+ alliance and increased demand in Europe and Asia for diesel.

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Minister of Energy and Natural Resources Fatih Donmez stated that they are cooperating with the TRNC on many issues,

He said, “I hope that liquefied natural gas (LNG) will be brought to the island with the projects that will be carried out in the first place.”

The Minister of Energy and Natural Resources Fatih Donmez met with the Minister of Economy and Energy of the Turkish Republic of Northern Cyprus Sunat Aten at the 11th Turkey Energy Summit held in Antalya.

Minister Donmes said countries are moving towards more environmentally friendly energy systems that use fewer fossil fuels.

Noting that they would support the TRNC in this regard, Donmez said:

“Primarily, we discussed converting existing fuel oil power plants there to natural gas together.

We hope that LNG will be brought to the island in the projects to be implemented.”

Donmez also confirmed that they are following the electric car project in the TRNC with interest:

“With the inclusion of electric vehicles in the system, the need for electricity will increase, and we will continue to stand by our citizens in the TRNC today.

We hope that we will continue tomorrow, as we did yesterday, and we will also continue to support the projects carried out by the island that needs to secure energy supplies.”

Noting that Turkey supports them in every field, Atun said, “A production site for electric vehicle technology is also being formed in the TRNC.

We will cooperate with Turkey on issues such as the planning of the operation by our country, the development of legislation, and the installation of shipping units.”

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US crude oil inventories rose by more than double expectations last week.

Gasoline and distillate stocks fell, according to the latest data from the Energy Information Administration released on Wednesday.

The new data showed that US commercial crude oil inventories rose by 4.3 million barrels to 430.8 million barrels per week.

And ended on October 22, compared to analysts’ expectations of an increase of only 1.9 million barrels.

In contrast, the Energy Information Administration said that gasoline stocks in the United States fell by two million barrels.

It reached 215.8 million barrels last week, compared to expectations for a decline of 1.9 million barrels.

The US stockpiles of distillates, which include diesel, heating oil, and jet fuel, decreased by 432,000 barrels.

It reached 125 million barrels last week, much less than analysts’ estimates, who had expected a 2.3 million barrel decline.

According to the new data, the average consumption of US refineries reached 15 million barrels per day during the past week, an increase of 58 thousand barrels per day over the average of the previous week.

The average US imports of crude oil reached 6.3 million barrels per day last week, an increase of 430,000 barrels per day over the average of the previous week.

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Natural gas prices are at historic highs in Europe, as it is not possible to provide sufficient energy supplies to increase production after the pandemic.

With the approach of the winter months, the prices of electricity and natural gas are expected to rise further around the world.

The energy crisis has affected the entire world, the world is preparing for a harsh winter, and the whole world is in the grip of an energy crisis.

The rapid increase in demand and the rapid rise in industrial production along with the economy after the global pandemic has also increased the need for energy worldwide.

The negative effects of global warming and severe drought have also led to a decrease in the energy produced from alternative energy sources.

Europe is also one of the places hardest hit by the energy crisis, and with the increasing demand for energy, there has been a rapid collapse in natural gas stocks.

European countries have not been able to sufficiently fill their stockpiles due to high gas prices and gas supply problems.

The fact that Russia is Europe’s largest gas importer has not responded adequately to the increased demand, which has also led to higher natural gas prices.

There have also been historic increases in fuel prices in Europe, and gasoline and diesel prices in Germany have risen to their highest level in the past ten years.

The average price of petrol in the UK reached an all-time high at 1.42 pounds.

The energy ministers of the European Union member states held an emergency meeting in Luxembourg to find a solution to the high energy prices, however, no agreement was reached on the measures to be taken.

China is also among the countries affected by the energy crisis, and the increase in coal prices and the supply problem in China, which uses coal as its main source of electricity, has put the Beijing administration in a difficult position.

While some factories in the country are forced to suspend production, power outages are occurring in some areas.

While it does not appear that the energy crisis around the world can be resolved in a short time, energy prices are expected to rise further as the weather cools.

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Turkish Energy and Natural Resources Minister Fatih Donmez said on Wednesday that the value of Turkish investments in the African continent has reached 6 billion dollars.

This came in a speech by him via video conference during the second meeting of the Turkish-Angolan Joint Economic Committee.

He pointed out that the number of projects implemented by Turkish contractors in Africa has reached 1,500, pointing out that the economic volume of those projects exceeded $70 billion.

Donmez noted that economic and trade relations with Angola have developed rapidly in the recent period.

He explained, “Looking at the trade figures for 2020, it is clear that the volume of trade between the two countries is $250 million.

Turkey to Angola constitutes 183 million dollars and 67 million dollars from Angola to Turkey.”

He pointed out that they aim to increase activities that would bring the private sector in both countries together, and businessmen more together.

For his part, the Angolan Minister of Oil and Natural Resources Diamantino Pedro Asuedu expressed his confidence that the two sides will contribute to cooperation in the field of energy in the next stage.

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On Monday, the Iraqi army launched a military operation to secure electric power towers in the northern province of Nineveh, according to a security source.

The source, an officer in the Nineveh Operations Command, said that “a military operation was launched to protect and secure the electric power towers from being repeatedly targeted by ISIS terrorist elements in Nineveh (north).”

The source added, preferring not to be named, as he is not authorized to speak with the media.

“The areas west and south of Mosul, Nineveh, have recently witnessed repeated attacks targeting electric power towers, causing two of them to go out of service.”

He explained that the military operation was launched hours after the arrival of a high-level military delegation led by the Deputy Joint Operations in the army, Lieutenant-General Abdul-Amir Al-Shamri, to Nineveh Governorate.

And earlier on Monday, a statement by the Iraqi army said that “the delegation will follow up the security situation and implement a plan to protect the infrastructure operating in the various regions of Nineveh.”

Over the past days, the Iraqi authorities announced that severalShamirric power transmission towers had been attacked in the governorates of Diyala (east), Kirkuk, Salah al-Din, and Nineveh (north).

On Friday, the Ministry of Electricity confirmed the restart of the electric power system in the country, after it stopped for hours.

This follows the targeting of power transmission towers, while the authorities accuse the terrorist “ISIS” militants of being behind most of these attacks.

In turn, the Iraqi government announced on Friday that it had accepted the resignation of Electricity Minister Majid Hantoush.

And the dismissal of the director of the Electric Power Transmission Company (South) from his post, following popular protests over power outages in the country.

Following the recent outage, Iraqi Prime Minister Mustafa Al-Kazemi decided to form a cell to counter the lack of electricity.

Iraq has been suffering from an electricity shortage crisis for decades due to successive wars and the instability of the security situation in the country, as well as the spread of corruption.

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IHS Market International Research said that the Purchasing Managers’ Index in the UAE (which monitors the performance of the non-oil private sector) fell to its lowest level in 4 months, in light of the slowdown in the recovery of new orders.

The company added in a report on Monday that the decline was due to the measures related to the Coronavirus and the cancellation of flights, which led to a sharp decline in sales from abroad.

The report stated that the shortage of raw materials hindered the growth of production, and this shortage led to the rise in the prices of production inputs at the fastest rate in three months.

“This prompted companies to increase production prices for only the second time in nearly three years,” the report continued.

On the other hand, expectations of future activity improved for the seventh consecutive month, supporting the first increase in the employment rate since last January.

The report noted that continued uncertainty about the course of the epidemic meant that optimism remained relatively moderate.

The UAE PMI fell from 52.3 points last May to 52.2 points in June 2021.

A rise in the index above the level of 50 points means that there is expansion inactivity, and a decrease below it means that there is a contraction.

According to the report, the production growth rate was unchanged at the end of the second quarter, as the increased activity associated with higher inflows of new orders was often offset by the lack of supply of raw materials.

According to the report, price pressures due to supply problems increased in June, with the latest data indicating the fastest rise in purchase costs in three months.

The PMI is based on five main pillars: new orders, inventory levels, production, supplier delivery volume, and the employment and work environment.

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Crude oil prices continued their rise on Friday for the third consecutive session, supported by the recovery of hopes for an increase in demand.

And this is after US President Joe Biden announced an agreement with Democratic and Republican members of Congress on a new spending plan.

By 8:45 (GMT), Brent crude contracts for August delivery rose 11 cents, or 0.15 percent, to $75.67 a barrel.

And US West Texas Intermediate crude contracts for August delivery rose 6 cents, or 0.08 percent, to $73.36 a barrel.

And benchmark raw materials prices are set to record the fifth consecutive weekly gain of more than 3 percent this week.

On Thursday evening, Biden met 10 members of Congress, half of whom are Republicans, and then announced that an agreement had been reached after months of negotiations on a new spending plan of about $1.2 trillion to develop infrastructure.

It is widely believed that the agreement would facilitate the plan’s unhindered passage through the House of Representatives and the Senate.

The agreement boosted expectations of increased demand for crude in the world’s largest economy and largest oil consumer.

Crude prices are also receiving support from the restrictions of the “OPEC” alliance on production, despite expectations that the alliance will initiate a limited reduction of the cuts approved since May 2020.

Analysts expect the coalition countries, led by Saudi Arabia and Russia, to increase production by 500,000 barrels per day, in addition to the increase they decided in the period from May to July 2021 by 2.1 million barrels per day.

The energy ministers of the “OPEC” countries will meet on the first of next July to review the production policy in light of the growing demand with the scarcity of supply.

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The Emir of Qatar, Sheikh Tamim bin Hamed Al Thani, said that his country aims to increase its production of liquefied natural gas by 40 percent by 2026.

The Emir of Qatar, Sheikh Tamim bin Hamed Al Thani, spoke at the opening session of the “First Qatar Economic Forum”, which was held in cooperation with the US Bloomberg Agency, with the participation of heads of state and government and experts from various countries. Countries.

In his speech via video conference, Sheikh Tamim said that they are ready to adopt a balanced economic policy.

This is by continuing to expand the gas project in the northern field in preparation for the next stage.

“We aim to increase LNG production by 40 percent until 2026 with the project,” Sheikh Tamim said.

Sheikh Tamim said that this increase will be used to increase investments for the benefit of future generations.

Qatar also aims to increase its LNG production from 77 million tons per year to 110 million tons by 2026.

The reserves of the North Field, discovered off the northeastern coast of Qatar in 1971, are estimated at 900 trillion cubic feet, equivalent to 10 percent of the world’s discovered gas reserves.

fight corona virus

In his speech, the Emir of Qatar also touched on his country’s experience in combating the new type of coronavirus.

Sheikh Tamim explained that instructions were issued to take all necessary measures to reduce the economic repercussions of the epidemic.

And providing 75 billion riyals (about $20 billion) in support to the private sector affected by this situation.

He explained that they have adopted a flexible strategy in openings and closings within the scope of the measures taken to confront the current situation.

He urged the countries of the world to cooperate more for the fair and comprehensive distribution of the COVID-19 vaccine.

“New Horizons for Tomorrow”

The Economic Forum is organized under the slogan “New Horizons for Tomorrow” and will last for 3 days.

South African President Cyril Ramaphosa, Rwandan President Paul Kagame and Armenia’s President Armen Sarkissian are expected to attend the forum.

Also Senegal’s President Macky Sall, Bangladeshi Prime Minister Sheikh Hasina and British Prime Minister Boris Johnson.

In addition to Turkish President Recep Tayyip Erdogan via video conference.

The forum, which will be attended by more than 2,000 authorized persons in the fields of finance, economy, investment, technology, energy, education, sports and climate.

It is reported that it will cover topics such as advanced technology, sustainable development, markets, investment and energy flows.

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