Analysis-Turkey's gas shift threatens Russia and Iran's last big European market

Analysis-Turkey's gas shift threatens Russia and Iran's last big European market

By Can Sezer ISTANBUL (Reuters) -Turkey could meet more than half of its gas needs by the end of 2028 by ramping up production and increasing U.S. imports, in a shift that threatens to shrink the last major European market for Russian and Iranian suppliers. Washington has publicly pressured allies, including NATO member Turkey, to cut energy ties with Moscow and Tehran. At their White House meeting on September 25, U.S.President Donald Trumppressed Turkish President Tayyip Erdogan to cut Russian energy purchases. Diversifying supply would also strengthen Turkey's energy security and support its ambitions to become a regional gas hub. Ankara aims to re-export imported liquefied natural gas and its own gas production to Europe while burning Russian and Iranian gas domestically, analysts said. "Turkey has been signalling that it will take advantage of the (global) LNG abundance," said Sohbet Karbuz, from the Paris-based Mediterranean Organisation for Energy and Climate. Russia remains Turkey's largest gas supplier, but its share of the market has fallen from more than 60% two decades ago to 37% in the first half of 2025. Most European countries halted imports following Moscow's invasion of Ukraine in 2022. RUSSIA'S PIPELINE CONTRACTS NEAR EXPIRY Russia's long-term pipeline contracts with Turkey to supply 22 billion cubic metres (bcm) annually via the Blue Stream and TurkStream pipelines are close to expiry. Iran's 10 bcm contract expires in the middle of next year, while Azerbaijan's contracts, totalling 9.5 bcm, run until 2030 and 2033. While Turkey is likely to extend some of these contracts, it is likely to seek more flexible terms and smaller volumes to increase the diversity of its supply, Karbuz said. At the same time, Turkey is rapidly expanding alternative sources. State-owned TPAO is boosting output from local gas fields, while state and private companies have expanded LNG import terminals to bring gas in from the U.S. and Algeria. Domestic production and contracted LNG imports are set to exceed 26 bcm annually from 2028 from 15 bcm this year, according to Reuters calculations. US LNG IMPORTS SET TO DOUBLE That would cover more than half of Turkey's gas demand of around 53 bcm, reducing the gap for pipeline imports to around 26 bcm - well below the 41 bcm of current contracted supplies from Russia, Iran and Azerbaijan combined. To support this shift, Turkey has signed a series of LNG deals with U.S. suppliers worth $43 billion, including a 20-year agreement with Mercuria in September. The country has built 58 bcm annual LNG import capacity, enough to cover its entire demand, according to Turkey's energy exchange. Despite this, Russian gas continues to flow at full capacity, and the Kremlin has said cooperation with Ankara remains strong. Since Turkey needs less Russian gas, BOTAS could, in theory, stop imports from Moscow in two to three years, said Alexey Belogoryev of the Moscow-based Institute for Energy and Finance. "However, it won't do so, because Russian gas is price-competitive and creates a surplus that BOTAS can use to pressure other suppliers," Belogoryev said. Turkey's energy minister Alparslan Bayraktar said in a TV interview in October that Turkey must source gas from all available suppliers, including Russia, Iran and Azerbaijan, but noted that U.S. LNG offers cheaper alternatives. The energy ministry declined to comment on future supply deals and pricing. Russian gas pipeline export monopoly Gazprom did not reply to a request for comment. Turkey could burn Russian and Iranian gas at home, export its own production and re-export imported LNG after Europe bans Russian energy imports by 2028, said Karbuz. Turkey's BOTAS has already signed deals to supply Hungary and Romania with small volumes of gas in its bid to become a regional gas trading hub. Beyond gas, Ankara has deep ties with Moscow. Russia's Rosatom is building Turkey's first nuclear plant and Moscow is also the country's top crude and diesel supplier. (Reporting by Can Sezer; Editing by Jonathan Spicer and Louise Heavens)

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October 07, 2025

Analysis-Turkey's gas shift threatens Russia and Iran's last big European market

Analysis-Turkey's gas shift threatens Russia and Iran's last big European market By Can Sezer ISTANBUL (Reuters) -Turkey could meet ...

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Analysis-Rising tungsten prices worsen oil drillers' inflation worries

Analysis-Rising tungsten prices worsen oil drillers' inflation worries

By Anushree Mukherjee and Shariq Khan (Reuters) -U.S. shale drillers are facing higher prices for tungsten, a rare, ultra-hard metal used for industrial tools like drillbits, as Chinese export controls have squeezed supply, threatening U.S.President Donald Trump's ambitions to boost America's fossil fuel production. Tungsten makes up as much as 75% of the drillbits deployed in oilfields. The metal's price has surged to over $600 per metric ton unit from around $330–$340 in early February, when Trump imposed a 10% tariff on Chinese goods and Beijing hit back with curbs on exports of five critical metals, including tungsten. While the curbs fall short of an outright ban, previous such measures have sharply curtailed exports. China controls more than two-thirds of global tungsten production, according to the U.S. Geological Survey, making it difficult to replace its supply, industry experts said. As a result, polycrystalline diamond compact (PDC) drill bits, typically priced at $20,000 to $100,000 depending on their size, design and other factors, now cost an additional $3,000 to $25,000, said Yaseer Ismail, supply chain manager at supply chain management firm Scan Global Logistics. PDC drill bits are prized in oilfields for their abrasion resistance, Ismail said. Top U.S. services provider SLB calls them the 'workhorse of the oilfield' on its website. WHEN IT RAINS IT POURS Tungsten costs highlight an unexpected consequence of Trump's policies, despite his campaign promises to uplift the energy industry. Ben Dieterich, a spokesperson for the U.S. Department of Energy, said the department gave a grant this year to Melt Technologies, a Texas company that reclaims and recycles industrial metals, to fund a pilot facility to produce tungsten carbide products. "This will ultimately deliver greater savings for consumers," he said about the grant made in the final days of the administration of former President Joe Biden. The DOE did not immediately respond to a request for comment about the fact that it came during the Biden administration. The American Exploration & Production Council, which represents U.S. energy producers, declined to comment. Since Beijing's retaliation, Trump has slapped even higher duties on Chinese imports, and levied tariffs on other items widely used in oilfields, like steel. The industry also faces a potential oversupply after OPEC+ opted on Sunday to continue raising output after years of cuts. U.S. oil producers have been reducing drilling activity due to declining commodity prices, after output hit record levels in July according to the latest government data. Oilfield service providers will most likely have to absorb U.S. tariff costs instead of passing them on, said Mark Chapman, lead OFS analyst at Enverus Intelligence Research. These companies had warned in their second-quarter earnings reports that the steel tariffs would cut margins by 20 to 50 basis points, and surging tungsten costs will likely have a similar financial impact, Chapman said. SLB said in July it expected to take the hit in the second half of the year, after it reported sharply lower second-quarter earnings from a year ago. Days later, smaller rival Halliburton also posted a large drop in second-quarter profits and warned of a full-year revenue decline, citing softer demand. Global benchmark Brent crude oil futures were trading below $65 a barrel on Tuesday, down over 12% so far this year. "While the industry can generally pass through higher costs, it is challenging to do so in a market with flat to lower activity levels and especially difficult given anticipated pressure on commodity prices," said Samantha Hoh, senior clean tech analyst at HSBC. (Reporting by Anushree Mukherjee in Bengaluru and Shariq Khan in New York; additional reporting by Timothy Gardner in Washington; Editing by Liz Hampton and Richard Chang)

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October 07, 2025

Analysis-Rising tungsten prices worsen oil drillers' inflation worries

Analysis-Rising tungsten prices worsen oil drillers' inflation worries By Anushree Mukherjee and Shariq Khan (Reuters) -U.S. shale drill...

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Turkey floated $100 million Halkbank settlement idea at White House last month, sources say

Turkey floated $100 million Halkbank settlement idea at White House last month, sources say

By Humeyra Pamuk and Jonathan Spicer WASHINGTON/ISTANBUL (Reuters) -Turkish officials proposed settling a U.S. legal case against state lender Halkbank for some $100 million during a meeting betweenPresident Donald Trumpand Turkish President Tayyip Erdogan at the White House last month, two sources told Reuters. Under the proposal that was discussed, which included additional conditions, the bank would not admit guilt in the case - a key priority for Ankara - the sources familiar with the conversations said. Halkbank is facing fraud, money laundering and conspiracy charges in the United States for allegedly helping Iran evade U.S. economic sanctions related to its nuclear program. The bank has pleaded not guilty. Erdogan's office declined to comment on any settlement talks, when contacted by Reuters. The White House did not respond to a request for comment. Halkbank, Turkey's fourth-largest lender by assets, did not immediately comment. U.S.-TURKEY RELATIONS WARMING AFTER YEARS OF STRAIN Any settlement could bolster Ankara's efforts to mend its relationship with Washington, which was undermined by Turkey's decision to purchase S-400 missile systems from Russia in 2019 during Trump's first term. The U.S. cancelled a planned sale of F-35 fighter jets to Turkey in response and ousted it from a joint production programme for the planes. It also imposed sanctions on Turkey's top defense procurement body. The case against Halkbank was brought later that year. Bilateral relations between the two NATO allies are now warming due in part to the two leaders' friendly personal ties, though the state visit failed to secure Trump's prompt blessing to overcome U.S. sanctions and buy F-35s, as Turkey had hoped. Reuters was unable to determine what specific conditions were discussed as part of last month's White House talks over a possible Halkbank settlement. It was not clear how the U.S. side reacted to the Turkish proposal or whether discussions continued after the meeting, which took place between Trump, Erdogan and their top secretaries and ministers. ERDOGAN SOUGHT TO DISCUSS BANK WITH TRUMP The U.S. Supreme Court declined to hear Halkbank's latest appeal on Monday, upholding a lower court's ruling that the U.S. government's criminal case should proceed. The decision sent Halkbank shares down 10% and, barring a settlement, clears the way for a possible trial, though the bank said efforts were under way to reach a solution. "Initiatives to find a legal ground of conciliation within the framework of the understandings between the United States and Turkey are also ongoing in a positive direction," the bank said following the ruling. Erdogan, seated next to Trump after arriving at his first White House reception in six years, told reporters that they would discuss Halkbank among other matters. He has previously called the charges "unlawful" and "ugly". Gonul Tol, director of the Washington-based Middle East Institute's Turkish program, had flagged the potential $100 million fine on X shortly after the White House meeting, calling it a possible "concrete step" in otherwise mixed talks. The Supreme Court decision "does not mean an agreement cannot be reached between Ankara and Washington," she wrote on X on Monday. "The courts can grant the administration the right to decide on cases that concern foreign policy like this." ALLEGATIONS BANK EVADED U.S. SANCTIONS ON IRAN Prosecutors with the Manhattan U.S. Attorney's office have accused Halkbank of using money servicers and front companies in Iran, Turkey and the United Arab Emirates to help Iran evade U.S. sanctions. According to prosecutors, Halkbank secretly transferred $20 billion in restricted funds, converted oil revenues into gold and cash to benefit Iranian interests and documented fake food shipments to justify transfers of oil proceeds. In its appeal to the Supreme Court, Halkbank had argued that, as a Turkish state-owned entity, it should be immune from legal actions in another country's courts. Some analysts have speculated that any settlement could be higher than the $100 million that the sources said had been floated at the White House. Between 2009 and 2015, eight European banks – including HSBC, BNP Paribas, Standard Chartered, and Credit Suisse – were penalized over $14 billion for, among other offenses, violating various U.S. sanctions programs. France's BNP Paribas alone agreed to pay almost $9 billion to resolve accusations that it violated U.S. sanctions against Sudan, Cuba and Iran. The bank had pleaded guilty. (Reporting by Jonathan Spicer in Istanbul and Humeyra Pamuk in Washington; Additional reporting by Luc Cohen and Steve Holland; Editing by Joe Bavier)

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October 07, 2025

Turkey floated $100 million Halkbank settlement idea at White House last month, sources say

Turkey floated $100 million Halkbank settlement idea at White House last month, sources say By Humeyra Pamuk and Jonathan Spicer WASHINGTON/...

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Championship series berths are there for the taking during MLB's playoff quadrupleheader

Championship series berths are there for the taking during MLB's playoff quadrupleheader

For one more day, the out-of-town scoreboard will glow with significant happenings from coast to coast. Oct. 8 brings us the final quadrupleheader ofMajor League Baseball's playoffs, with a pair of Game 3s in the National League Division Series and two Game 4s in the American League – and the possibility of four booze-fueled celebrations. Desperation will come from all quarters, an all-hands-on-deck situation both for teams facing elimination and those wanting to administer the knockout before their beleaguered opponent gets back up. With that, a look at the fourAL and NL Division Seriesmatchups, with berths in the respective league championship series there for the taking: This series is a lot closer than it looks. With the Tigers' inconsistent offense chasing pitches and largely flailing against Logan Gilbert, the Mariners took an 8-1 lead into the ninth inning of Game 3 beforeprevailing 8-4. Two shots at a third victory makes their advancement to the ALCS seem like a formality. But the Tigers can still turn this into at least a pebble fight. They have a slight advantage on the mound in Game 4, starting All-Star Casey Mize – who tailed off in the second half – against fellow righty Bryce Miller, who battled elbow inflammation and posted a 5.68 ERA and 1.41 WHIP this year. Miller returned from injury in August yet was still hit hard in September (5.61 ERA, 1.40 WHIP in five starts). Meanwhile, the Mariners' great bullpen will soon have to worry about diminishing October returns. Ace relievers Eduard Bazardo, Matt Brash and closer Andres Muñoz all pitched in the first three games, which isn't totally anomalous; Muñoz pitched three times in four days on eight occasions in the regular season. Yet getting him in the game by scoring three runs in the ninth of Game 3 was both a moral and actual victory for the Tigers. "It was nice to get Muñoz an inning in there," says Tigers manager A.J. Hinch. A win, and they all go back to Seattle, where presumed AL Cy Young Award winner Tarik Skubal will start the winner-take-all-game for Detroit. But it's all immaterial unless they can hit: The Tigers have struck out 35 times against just 10 walks in this series. It's been seven years since the Brewers wona one-game playoffat Wrigley Field to win the NL Central in 2018, and the Cubs haven't been past the division series since. Wrigley Field has since been renovated, but the smaller-market Brewers have been more relevant in the years since. "You took a shower, and there's a foot of water, you're standing in a foot of water as you're showering, but somehow it felt good," Brewers manager Pat Murphy, then the bench coach under Craig Counsell, remembers of that day. Now, Milwaukee can send its Great Lakes nemeses – and former skipper Counsell - home for the winter. In taking a 2-0 lead, the Brewers certainly made the Cubs look like a dead team walking, blitzing lefty starters Matthew Boyd and Shota Imanaga for a combined 10 runs and nine hits in just 3 ⅓ innings. Now, veteran Jameson Taillon must prove he's not out of gas to stave off elimination – as he did inGame 3 of the wild-card seriesagainst San Diego. The Brewers? They'll turn to a kid from Chicagoland's northwest suburbs to put the Cubs away. Quinn Priester, a kid from Cary, has been the biggest revelation for Milwaukee this season, settling into the rotation after failed stints with Pittsburgh and Boston. "Growing up, coming to Wrigley Field all the time, let alone starting a playoff game here is definitely something that's really cool," says Priester. "If I would have told my 10-year-old self this, it would be pretty darned cool." So, just which team is going for the kill, here? Toronto came into Yankee Stadium with bands of house money to play with, knowing one loss would only nominally hurt – yet things went about as bad as they possibly could've from a vibes standpoint. Oh, Vlad Guerrero Jr. hit his daily home run and Superman'd across home plate for another run. But blowing a 6-1 lead and committing three pretty grim defensive gaffes – the coup de grace Addison Barger's dropped popup precedingAaron Judge's game-tying three-run homer– was about the worst thing that could've happened. Now, the Yankees have cocksure rookie Cam Schlittler – coming off hisepic season-saving Game 3 wild card performance– aiming to square the series. The Blue Jays will counter with a bullpen game of some sort – or, something else. "I think everyone's available tomorrow," Blue Jays manager John Schneider said after Game 3. While Toronto has its own rookie ace in the hole for a Game 5 – Trey Yesavage – Schneider must ponder just how all-in he might go to win Game 4 and keep the Yankees out of Canada for a winner-take-all contest. Deploy Kevin Gausman in relief on three days' rest? Burn Yesavage in a short burst now, knowing he threw just 78 pitches in Game 2? Either way, it's fantastic theater for prime time in the Bronx. The superstars have checked in: Guerrero is 8-for-13 with three homers and eight RBIs in the three games, while Judge is 7-for-11 with that season-saving, foul pole-clanging Game 3 blast. In a series with Shohei Ohtani, Kyle Schwarber, Bryce Harper, Mookie Betts, Teoscar Hernández and other sluggers in tow, a grand total of one home run has been hit in the first two games. That was Hernández's series-shifting Game 1 blast in Philadelphia and with the teams reconvening in L.A., the team on the wrong end of the 2-0 score would like the vibes to shift, too. "We want to go up there, we want to hit, we want to bang the best way we can," Harper said on Tuesday's off day. That, they have not done: Schwarber and Harper are a combined 1-for-14 with eight strikeouts, enabling the Dodgers to escape with a pair of high-wire wins in Philly. Now? The Phillies have no choice but piggyback veteran right-hander Aaron Nola and lefty Ranger Suarez, while the Dodgers counter with ace Yoshinobu Yamamoto. The odds are overwhelmingly in the Dodgers' favor, and a lifeless Phillies offense makes the notion of a sweep feel palpable. That would send the Phillies into another winter of discontent and uncertainty, starting with manager Rob Thomson and extending to pending free agents Schwarber and Realmuto – and what, exactly, a team consistently in the mid-90s win range needs to translate it to the playoffs. For now, at least one more game. "I think that's the biggest thing, too, man, is enjoying the moment because not every year you can play in the postseason," Harper said. "Obviously our biggest goal and ultimate goal is to win a World Series every time you get to spring training, just like any other team. "It's still got to be the same mindset, same ultimate goal of doing that." This article originally appeared on USA TODAY:MLB playoff games today: Division series could be clinched Wednesday

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October 07, 2025

Championship series berths are there for the taking during MLB's playoff quadrupleheader

Championship series berths are there for the taking during MLB's playoff quadrupleheader For one more day, the out-of-town scoreboard wi...

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Martin Necas scores 2 goals, and the Avalanche rout the Kings 4-1 in a dominant season opener

Martin Necas scores 2 goals, and the Avalanche rout the Kings 4-1 in a dominant season opener

LOS ANGELES (AP) — Martin Necas scored two goals, Nathan MacKinnon had two assists to become the leading scorer in Avalanche history, and Colorado opened the regular season with a 4-1 victory over the Los Angeles Kings on Tuesday night. Sam Malinski and Artturi Lehkonen also scored during Colorado's three-goal second period. Scott Wedgewood made 24 saves during a commanding performance by the Avalanche in their first game back from their disappointingfirst-round playoff exit to Dallas. Kevin Fiala scored a power-play goal with 4:53 left for the Kings, who matched the franchise records for victories and points last season before their fourth consecutive first-round playoff loss to the Edmonton Oilers. Darcy Kuemper stopped 19 shots for Los Angeles, which made only a few changes undernew general manager Ken Holland— but the defense-first club looked slow during the Avs' second period. Anze Kopitar beganhis 20th and final NHL seasonafter the Los Angeles captain announced his impending retirement last month. Colorado captain Gabriel Landeskog played in his first season opener since October 2021 and his first regular-season game since March 10, 2022. He missed the past three regular seasons due to multiple knee surgeries, only returning for the playoffs last April. MacKinnon's first assist was his 1,016th point in 871 games, pushing him past Joe Sakic's 1,015 points in 870 games for the Avalanche — although Sakic scored an additional 626 points before his Quebec Nordiques moved to Denver. This game was played exactly 30 years after the Avalanche visited the Forum in Inglewood for their first road game following relocation. Lehkonen made it 3-0 on a rebound after Norris Trophy winner Cale Makar made a stunning drive to the net. Necas added a power-play goal in the third. The Kings surprised their fans by wearing a previously unannounced third jersey for the game after warming up in their regular home sweaters. The new jersey is black and silver with the historic crown logo blown up into the main crest. Up next Avalanche: Host Mammoth on Thursday. Kings: At Golden Knights on Wednesday. ___ AP NHL:https://apnews.com/NHL

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October 07, 2025

Martin Necas scores 2 goals, and the Avalanche rout the Kings 4-1 in a dominant season opener

Martin Necas scores 2 goals, and the Avalanche rout the Kings 4-1 in a dominant season opener LOS ANGELES (AP) — Martin Necas scored two goa...

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