The global oil surplus will be bigger than previously estimated in the first half, increasing the risk of further price losses, as OPEC members Iran and Iraq bolster production while demand growth slows, according to the International Energy Agency. Source: Bloomberg
The German government said Tuesday it wanted a new alternative pipelines network constructed to transport Caspian natural gas supplies via Turkey to Europe on Tuesday. “We have a significant interest in further developing the South corridor,” (as opposed to the Norther corridor for gas deliveries between Russia and Europe, note), a government spokesperson told press ahead of an upcoming visit of German Chancellor Angela Merkel to the Caucasus republics of Azerbaijan, Georgia and Armenia. Source Xinhuanet
China is coming to Turkey’s aid during its economic crisis with $3.6 billion in funding for infrastructure projects, leveraging Ankara’s conflict with Washington to expand its Belt and Road Initiative in the key country that links Asia with Europe. Turkish President Recep Tayyip Erdogan said Aug. 11 that his country was preparing to trade through national currencies with partners like China, bypassing the U.S. dollar. Source Asian Review
Europe needs to set up payment systems independent of the United States if it wants to save the nuclear deal between Iran and major powers that was abandoned by President Donald Trump, German Foreign Minister Heiko Maas said. Source Reuters
