Peak gas

Turkey will soon announce a significant natural gas discovery in the Black Sea, the country's Energy and Natural Resources Minister Fatih Dönmez said on Nov. 9.

Natural gas inflow to Turkey's gas network saw a year-on-year decrease of around 6.33 percent to 46.83 billion cubic meters (bcm) in 2019, according to data from the Turkish Petroleum Pipeline Corporation (BOTAŞ) on Jan. 4.

In 2018, around 50 bcm of natural gas entered the Turkish natural gas system, the majority of which, at around 49.33 bcm, was consumed.

Worldwide demand for natural gas is growing, and there is currently no shortage of supply. Moreover, as alternative energy sources become more affordable, the price pressure and competition are likely to remain fierce. In fact, the natural gas price forecast for the next three years shows a flat trend with no significant upside potential.

Russia's Gazprom is looking to gain an even larger gas market share in Europe following record-high 2018 exports, expecting a decline in Europe's gas output combined with rising demand, a senior manager at the company has said.

Europe will soon experience a gas shortage and price spike if it tries to rely on U.S. gas imports to cover rising demand instead of increasing purchases from Russia, Kremlin energy giant Gazprom told Reuters.

Gas supplies from Russia to Italy, which broke off on Tuesday because of the accident at the Baumgarten Austrian gas distribution center, were resumed last night, Reuters reported.

Turkey is likely to require 25 percent less gas in 2030 than forecast by state-owned pipeline operator BOTAŞ as the government promotes renewable power and domestic coal use, a study showed on April 24.

Energy has been the defining factor in human development and determining factor in the hegemonic structure of world politics. The fundamental role of coal and steam, as key ingredients of the Industrial Revolution, and global control of their trade in the 18th and 19th century by the British Empire led the way for its hegemony in international politics.

Turkey?s natural gas imports hit a record high in December, reaching above 5 billion cubic meters (bcm) for the first time ever.

By Chryssa Liaggou

Major firms, including Qatar Petroleum and Gazprom, appear to be interested in creating the infrastructure to supply liquefied natural gas to ships in Piraeus. Meanwhile, the global natural gas industry is saying that natural gas as a fuel for transport could be made available at a price of just 50 percent of that paid for gasoline and 70 percent that for diesel.