Turkey's energy minister announced plans to double Black Sea natural gas production by year-end using its first floating platform, aiming to reduce energy import costs and strengthen domestic energy security amid geopolitical supply risks.
The Bosphorus Diplomacy Forum unites global youth from 30 countries in Türkiye to discuss humanitarian diplomacy.
BP acquired Woodside Energy's 70% stake in the Calypso offshore gas project in Trinidad and Tobago, becoming sole operator with 100% ownership, leveraging existing infrastructure to unlock regional production growth amid energy market shifts.
Oil prices traded mixed Thursday as investors weighed Iran-Oman diplomatic progress on Strait of Hormuz shipping against regional security risks, with Brent crude at $79.56 per barrel and WTI at $75.16, while unexpected crude inventory increases limited gains.
Yemen's Houthi group claimed it struck a Saudi oil tanker with ballistic missiles in the Red Sea on Wednesday, marking the eighth targeted tanker since their July maritime blockade began, escalating tensions in a strategically critical shipping corridor.
BP's second-quarter profit surged 150% to $5.7 billion, exceeding analyst expectations, driven by elevated oil and gas prices amid Middle East tensions and improved refining margins during a disrupted global energy market period.
Turkish Petroleum Corporation expanded its international operations through partnerships in Iraq's Kirkuk fields and Bulgaria's Black Sea Khan Tervel Block, targeting 500,000 barrels of oil equivalent daily by 2028 as part of its global energy strategy.
Iraq and Türkiye signed a one-year pipeline agreement to secure crude exports through their shared pipeline.
Turkey's Energy Minister Bayraktar stated that Iraq-Turkey crude oil pipeline arbitration proceedings continue in Washington while both nations negotiate a new long-term agreement, with Turkey proposing interim arrangements and infrastructure expansion plans.
Turkey's energy minister announced an imminent 12-month agreement with Iraq to maintain uninterrupted crude oil pipeline operations through 2026, strengthening bilateral energy cooperation and regional infrastructure development.
Erdogan says 'war-addicted' Israel must not 'dynamite' US-Iran deal
Turkey and Europe are expanding energy cooperation, with Turkey leveraging its pipeline network and strategic position to become Europe's principal energy transit hub, facilitating access to regional gas supplies while reducing European dependence on Russian energy amid Middle East instability.
Erdoğan receives Venezuelan acting president in Istanbul
Turkey and Azerbaijan propose developing an electricity corridor modeled after TANAP to transport Azerbaijan's renewable energy to Europe, strengthening EU energy security and diversifying supply routes following Russia-Ukraine conflict disruptions.
From Zero Waste to COP31: How Türkiye carved its own path to greater climate impact
Egypt's petroleum minister highlighted the country's strategic position as an energy bridge between the Caspian region and Europe, emphasizing natural gas infrastructure and regional cooperation at Baku Energy Week.
Turkey and Azerbaijan are developing an electricity corridor to connect Azerbaijani power to southeast Europe, mirroring their successful natural gas pipeline model, with Turkey investing thirty billion dollars in infrastructure upgrades over ten years.
The US Energy Information Administration reported commercial crude oil inventories surged 4.3% to 424.4 million barrels for the week ending August 7, defying market expectations of decline, while crude production increased modestly to 13.8 million barrels daily.
Türkiye hosts the Bosphorus Diplomacy Forum, gathering 400 young people from 30 countries to address global crises.
Oil prices fell 9% this week as US-Iran diplomatic progress eased Middle East supply concerns, while OPEC+ output increases and rising US crude inventories added downward pressure on benchmark Brent and WTI crude.
US commercial crude oil inventories rose 2.5 million barrels to 407 million barrels, defying market expectations for a decline, while production increased 8,000 barrels daily amid Middle East tensions and OPEC+ supply plans.
Türkiye's daily power consumption increased by 2.7% on August 4, totaling 1,194,214 megawatt-hours.
French energy company EDF shut down three nuclear reactors due to drought-reduced river flows, complying with water management agreements to protect aquatic ecosystems and maintain sufficient flows for downstream users in France and Belgium.
Iraq and Türkiye aim to raise oil exports to 1.5 million barrels per day under a new framework agreement.
Turkey and Iraq discuss a broad energy cooperation agreement following the expiration of the Kirkuk-Ceyhan pipeline deal.
Turkey began constructing a 160,000-cubic-meter LNG storage tank at Marmaraereglisi Terminal, increasing total capacity from 255,000 to 415,000 cubic meters, strengthening energy security and advancing the nation's energy independence goals.
Türkiye's rare earth elements are crucial for NATO's future due to their importance in modern military systems.
Erdogan says Israel must not undermine the US-Iran deal for regional peace.
Reviving the Kirkuk-Ceyhan Oil Connection
Venezuela's interim president Delcy Rodríguez unexpectedly arrived in Turkey after completing a five-day Indian visit, seeking to normalize international relations amid US pressure following Nicolás Maduro's removal from power.
Turkey at the Centre of the Global Energy Crisis: Strategic Transformation and Claims to Regional Leadership Confirmed at Baku Energy Week
Russia's Gazprom faces weakened negotiating leverage with Turkey over renewing natural gas contracts expiring in 2026, as Turkey's expanded liquefied natural gas capacity, Azerbaijani gas agreements, and domestic production provide Ankara alternative supply sources beyond the currently disputed 22 billion cubic meters annually.
Kazakhstan and Türkiye deepened their energy partnership during talks in Baku, agreeing to expand cooperation in petrochemicals, renewable energy, and infrastructure projects linking Central Asia and Europe to enhance regional security.
Turkey promotes new energy corridors amid global uncertainty and instability.
OPEC crude production rose 1.7 million barrels daily in July to 23.6 million bpd, led by Iraq's 665,000 bpd increase, amid regional tensions and supply uncertainties affecting global oil markets and demand forecasts.
Turkey emerged as a critical energy hub following 2026 geopolitical disruptions, signing a new agreement with Iraq transporting 750,000 barrels daily, generating approximately 500 million dollars in annual transit revenue while diversifying global energy supplies amid strategic chokepoint vulnerabilities.
ConocoPhillips reports a 122% jump in Q2 adjusted earnings to $4 billion.
Russia temporarily authorized lower-environmental-standard gasoline sales through July 2027 to ensure domestic fuel supply stability, following Ukrainian drone attacks on refineries that disrupted production capacity and threatened regional shortages.
President Trump urged major oil companies, including Chevron, to lower retail fuel prices after the company posted record quarterly profits of $12.1 billion, arguing the industry should pass cost gains to American consumers amid geopolitical tensions.
Oil prices fell over 5% as President Trump canceled planned military strikes against Iran and announced resuming peace talks, easing Middle East supply disruption concerns while OPEC+ approved modest production increases.
Iraqi Prime Minister Al-Zaydi and Turkish officials signed a pipeline agreement guaranteeing 750,000 barrels daily oil exports to Mediterranean ports, strengthening bilateral economic cooperation and providing alternative export routes amid regional tensions.
Türkiye-TRNC pipeline project could expand gas export options beyond Northern Cyprus
Turkey's Energy Minister pledged continued technical and infrastructure support to strengthen Northern Cyprus' energy security, visiting the Teknecik Power Plant and reaffirming Turkey's commitment to the island's strategic energy infrastructure needs.
Turkey, Iraq to sign 12-month deal on Iraq-Turkey pipeline, Turkish minister says
Pakistan's petroleum minister announced Turkish state-owned TPAO will deploy seismic survey vessels in September-October to explore hydrocarbon reserves across five awarded blocks, advancing a bilateral energy partnership aimed at addressing Pakistan's growing energy demand and import dependence.
Loading of dummy fuel complete at Akkuyu's first reactor unit
Sudan's energy minister invites Turkish companies to invest in oil, gas, and renewable energy sectors, seeking to rebuild infrastructure devastated by conflict and revive bilateral cooperation agreements that stalled during the war.
Erdogan welcomes Niger’s Tchiani with full military ceremony in Ankara
Egypt's petroleum minister and Turkey's energy minister discussed expanding bilateral cooperation in energy and mining sectors, including Turkish investments in Egyptian gold exploration and regional collaboration in the eastern Mediterranean.
Turkey's state energy company BOTAŞ is negotiating with Russia's Gazprom to extend natural gas supply contracts expiring in 2026, critical for Ankara's energy security as it balances domestic demand, transit revenues, and regional hub ambitions.