Petroleum

Eight members of the OPEC+ group of oil-producing nations have said they were extending supply cuts until the end of December.

The move is aimed at boosting oil prices amid uncertain demand and accelerating supply, with an eye on the imminent U.S. presidential election, though analysts predict a limited impact.

When Israel’s war against Hamas began a year ago, concern about the economic impact it could have on the wider global economy focused on the price of oil.

In a single day, the cost of crude oil jumped by 5%, following a speech from US President Joe Biden, who suggested that Israel might target Iranian oil facilities. As a result, the price of OPEC oil climbed to 74.90 dollars per barrel, while Brent futures reached 77.54 dollars per barrel.

Tüpraş refinery has said that the oil previously purchased from Iraq's state oil company will be delivered in September.

The oil tanker St. Nikolas, carrying around 1 million barrels of crude oil purchased from the Iraqi state oil company SOMO, was seized by Iranian authorities in the waters of Oman on Jan. 11, the energy giant said in a statement.

The oil production facilities in the Gabar Mountain region of Şırnak broke the record in the history of the Turkish Republic with a daily production of 40,000 barrels.

"Today is an important day in the history of Türkiye," Energy and Natural Resources Minister Alparslan Bayraktar said in a statement on April 11.

In the oil market, the upward trend continues at the beginning of the new week, with prices rising to nearly 5-month highs due to increasing geopolitical risks related to supply disruptions. This surge is driven by a series of Ukrainian drone attacks on Russian refineries, reported by Reuters.  

Consumers may have noticed a slight uptick in fuel prices over the past month, with gasoline and diesel seeing modest increases in Bulgaria. According to data from the "Fuelo" platform, gasoline prices rose by 3 cents per liter (1.14 percent), while diesel saw a slightly larger increase of 6 cents per liter (2.21 percent).

The National Customs Agency has launched a comprehensive inspection targeting Lukoil Neftohim Burgas, the Rosenets oil port, and over 50 tax warehouses across Bulgaria that are under restrictive measures due to Russia's invasion of Ukraine, as confirmed by the agency.

Analysis of samples taken off an oil leakage on the coast of Rize in the Black Sea region has confirmed the presence of crude oil.

Upon the reports of an oil leakage, geological engineer Professor Dr. Nafiz Maden set sail in September to collect samples to determine whether oil reserves are present in the Eastern Black Sea.

European Union officials discussed diversifying oil stocks and creating a buffer for diesel and gasoil during an emergency meeting of the bloc's oil coordination group, one told Reuters.

Friday's meeting was called by the EU commissioner for energy Kadri Simson to assess potential supply risks in case the Israel-Hamas conflict triggers a broader regional one.