A survey, the results of which were published on Tuesday, showed an improvement in consumer confidence in the United States during the current October, supported by a decline in gasoline prices, despite continued dissatisfaction with the high costs of living.
The Conference Board said that the consumer confidence index rose to 91.7 points this month, compared to 84.2 points last September, according to upwardly revised data.
Economists polled by Reuters had expected the index to score 81 points, after a previous reading of 81.9 points in September.
Fergus McCormick, chief economist for global economic indicators at the Conference Board, said the improvement was in line with the decline in retail gasoline prices between September and October.
He added that consumers continued to express their dissatisfaction with rising costs in their comments during October, with increasing mentions of rising prices and costs of food and basic consumer items, as well as oil and diesel prices.
Turkish Energy Minister Alp Arslan Bayraktar said on Tuesday that Ankara may conclude agreements to make acquisitions or continue exploration for hydrocarbons by the end of the year, as part of its goal of producing one million barrels of oil and natural gas per day.
Bayraktar pointed out in a speech he delivered during the Turkish Energy Summit in Istanbul that Turkey has a production capacity of 300,000 barrels of oil equivalent, adding that current plans expect this capacity to reach between 550,000 and 600,000 barrels by 2028.
Achieving this goal means increasing Türkiye's current production by more than three times, and even the level planned for 2028 will remain far below what is required. Bayraktar's statements show that Ankara is looking abroad, towards Africa, Lebanon and elsewhere, to fill this gap.
“There may be more news, good news, by the end of the year,” Bayraktar said. We may buy or acquire companies. We are building partnerships and will continue to do so. There may be new fields, new countries, and it may be Africa. Therefore, we want to reach the goal of one million barrels through these steps.”
Turkish Petroleum Corporation (TPAO), Turkey's state-owned oil and gas company specializing in the exploration and production sectors, has signed agreements to explore for offshore hydrocarbons in Libya and Pakistan, and has purchased a stake in the Kirkuk oil field in Iraq. Türkiye also concluded an agreement to explore marine resources with Somalia, and is carrying out operations in that region.
Bayrakdar stated that Türkiye is also studying the possibility of electricity trade with Lebanon, and that it is interested in exploring for hydrocarbons there as well.
Bayraktar said: “Türkiye has become a country capable of exploring for natural gas and oil using its own ships. We have a very strong fleet. That is why we are now heading to Lebanon... We are interested in the Lebanese maritime areas.”
Bayraktar added that some European countries offered to buy natural gas from Turkey after it decided to stop energy trade with Russia, and added that Turkey may be an alternative path for Europe at a time when it is becoming an energy center in itself.
The Chairman of the Board of Directors of the Indian Oil Corp, which specializes in the oil and gas sector, A.S. Sahani, said during an industrial event held on Tuesday that India needs to strengthen its naval fleet to help refineries benefit from crude oil at reduced prices.
Sahani stressed, during a discussion session at the “Energy Technology and Innovation Conference” held in the state of Goa, in reference to the shortage of crude oil tankers: “We have neglected the shipping sector... and we must build our capabilities in this field.” Today, we get crude oil at discounted prices, but shipping costs eat into these gains. Shipping costs are a killer factor.”
Shipping rates for Russian oil exports from its western ports to India reached record levels in early October, driven by increasing risks in the Black Sea and a global rise in oil tanker fees.
Sahani added that India also needs to invest in building storage for crude oil and liquefied petroleum gas, which will give the country a few extra days of flexibility.
