Turkey is on its way to becoming the main hub for energy in Europe due to the recent introduction of the Turk Stream in place of South Stream. The elevation of the country's role became feasible after a series of major infrastructure projects that will certainly make Turkey the corridor for the supply of gas into the EU for the coming decades.

OPEC will need to “step in” amid further declines in oil prices, which are fair at about $70 to $80 a barrel, according to the group’s second-biggest producer.

The Availability and Price of Petroleum and Petroleum Products Produced in Countries Other Than Iran

EIA estimates that members of the Organization of the Petroleum Exporting Countries (OPEC), excluding Iran, will earn about $700 billion in revenue from net oil exports in 2014, a 14% decrease from 2013 earnings and the lowest earnings for the group since 2010. OPEC earnings declined in 2014 largely for two reasons: decreases in the amount of OPEC oil exports and lower oil prices, with the 2014 average for Brent crude oil projected to be 8% below the average 2013 price.

Saudi Arabia and OPEC would find it “difficult, if not impossible” to give up market share by cutting crude production, the country’s oil minister said.

Crude prices surged from the lowest closing levels since May 2009 as comments from Saudi Arabia’s oil minister yesterday added to the most volatile market in three years.

OPEC Gulf members and crisis-hit producer Russia held the line on resisting oil output cuts, a message that helped send oil to a fresh five-year low on Tuesday.

Crude oil prices are poised to fall below half where they were six months ago, before producers begin dealing with a global glut.

U.A.E. Says OPEC Won’t Change Output Even If Price Drops to $40

World Oil Demand Outlook Cut Again; Sub-$60 Price Seen Holding