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The final reading of the S&P Global Manufacturing PMI for July in the United States will be released in ten minutes.US President Trump: We have the biggest tax cuts and jobs in history, the largest foreign investment in the world, a completely secure border, a huge victory in Venezuela, the denuclearization of Iran, universally recognized respect and success, and much more? Dont believe the fake polls from the radical left.August 3rd - Due to a sharp reduction in supplies to Europe caused by the Middle East war, Belgium became completely reliant on Russia for liquefied natural gas (LNG) imports last month. Furthermore, with shipping disruptions in the Strait of Hormuz leading to persistently high gas prices, most European buyers have postponed purchasing LNG for winter storage. Although Belgiums LNG imports from Russia are lower than earlier this year, this situation puts the EUs energy policy in an awkward position. The EU has previously decided to ban LNG imports from Russia starting next year. According to ship tracking data compiled by an agency, Belgium, which was the fifth-largest LNG importer in Europe last year, saw its LNG imports fall by more than 40% year-on-year in July. Data shows that the country purchased approximately 400,000 tons of LNG from Russia that month. In addition, Belgium also obtains gas from Norway and the UK via pipeline.Sources say that Kazakhstan’s oil and gas condensate production fell 14% in July compared to June due to the disruption of exports from the Caspian Pipeline Alliance.August 3 - According to data provided by officials, Kuwaiti crude oil production surged in July, increasing by nearly 20% compared to the previous month, reaching its highest average level since the outbreak of the war with Iran. Sources indicated that Kuwaiti crude oil production rose to 1.97 million barrels per day in July, an increase of approximately 300,000 barrels per day from June. They did not specify the specific reasons for the increase. Currently, Kuwaiti crude oil production is several times higher than its April lows, but still about 20% lower than pre-war levels. In recent weeks, Persian Gulf oil-producing countries have made some progress in transporting crude oil through the Strait of Hormuz. Although regional shipping is once again threatened after the collapse of the US-Iran ceasefire agreement, negotiations to restore tanker passage continue. Furthermore, domestic oil demand in the Middle East is also rising due to increased electricity consumption driven by increased demand for air conditioning during the summer. After the US-Iran ceasefire was reached in June, the CEO of Kuwait National Oil Company stated that the company would immediately lift all force majeure notices and expected production to soon recover to 2 million barrels per day. Official data shows that Kuwaiti production briefly reached this level before falling back to approximately 1.9 million barrels per day.

Erdogan Rival's Lights Are Turned Off After He Refuses to Pay Increasing Electricity Costs

Charlie Brooks

Apr 22, 2022 09:38

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"This is not an incitement to civil disobedience; this is a call to resist. This is a battle for your civil rights. My battle is to be a voice for the families and children who have been abandoned, "Kemal Kilicdaroglu, Chairman of the Republican People's Party, stated as he sat alongside his wife in their Ankara home lit by a gas lamp.


"My wife and I will be in the dark for a week... I shall sit in the darkness in order to feel my people's anguish "Additionally, he said.


In March, annual inflation increased to 61%. Numerous commentators attribute the economic instability to President Tayyip Erdogan's last-minute interest rate cuts.


Kilicdaroglu said in February that he would cease paying his power bills and urged the government to reverse the price increases.


He noted earlier on Thursday that power rates, which increased by between 50% and 125% at the start of 2022, have increased by more than 400% in three years.


Kilicdaroglu stated that over 4 million Turkish users lost electricity in 2021, without providing a source for the statistic.


Erdogan's popularity has suffered as a result of the inflationary increase in the run-up to the June 2023 national elections, in which Kilicdaroglu is seen as a possible presidential candidate.


Years of double-digit inflation, along with the latest spike, have eaten away at family savings and wages. Shopkeepers, local councils, and a religious community organization have all expressed concern over growing energy costs.


Last year, the lira fell 44 percent versus the dollar, owing mostly to monetary easing that started in September amid growing inflation. Through Turkey's strong reliance on imports, the devaluation fueled inflation.


The easing cycle was part of Erdogan's new economic policy, which seeks to stimulate exports, lending, and investment while also reducing inflation, according to the government.