ANKARA: Global oil prices have risen to unsustainable levels and need to fall by around $10 a barrel for Turkey's oil demand to keep growing, Turkish Energy Minister Taner Yildiz said.
"At the moment we see Turkish oil demand continuing but for it to keep going, the oil price has to fall. This price is not sustainable ... there has to be a fall of around $10 a barrel," Yildiz said.
Brent crude oil rose nearly 3 percent last week, the biggest weekly gain since early July, on worries that a strike by Western forces against Syria would rattle the Middle East and disrupt oil exports when markets are already coping with the loss of supplies from Libya and Sudan.
On Monday, it fell more than a dollar to a one-week low near $113, after US President Barack Obama said he would seek congressional authorization for punitive military action against Syria, almost certainly delaying any air strikes.
Turkey is almost completely dependent on imports for its energy needs and costly oil and gas purchases have been a major factor behind its ballooning current account deficit, running at more than 7 percent of national output.
Yildiz said last week the rise in oil prices had increased Turkey's energy bill by $300 million, but on Monday he stopped short of making a prediction for the whole year.
"Developments on Syria and Egypt are key issues but I don't think predictions right now will be correct," he said.
Yildiz also said Turkey is talking to China about a potential partnership in a lignite power project delayed by its initial partner Abu Dhabi National Energy Co (TAQA).
"Chinese firms are more at the forefront here. I see that they make an effort and are keen," Yildiz said.
Abu Dhabi's state-owned oil explorer and power supplier agreed in January to build several power plants to be fueled by lignite coal reserves in Turkey's Afsin-Elbistan region, but earlier this week it announced the project was delayed.
Turkish energy industry sources said the company was planning to pull out of the project.
Turkey has expressed determination to go ahead with the project and is already in talks with South Korea as well.
The Afsin-Elbistan region holds about 4.4 billion tonnes of lignite, around 40 percent of Turkey's total reserves, and could provide up to 8,000 megawatts of power production capacity in southeast Turkey, if the coal potential is fully exploited, according to the Turkish energy ministry.
"The gap that TAQA created will definitely be filled," Yildiz said.
Turkish energy minister says oil needs to fall around $10 a barrel
Turkish energy minister says oil needs to fall around $10 a barrel
Saudi POS transactions see 20% surge to hit $4bn: SAMA
RIYADH: Saudi Arabia’s total point-of-sale transactions surged by 20.4 percent in the week ending Nov. 29, to reach SR15.1 billion ($4 billion).
According to the latest data from the Saudi Central Bank, the number of POS transactions represented a 9.1 percent week-on-week increase to 240.25 million compared to 220.15 million the week before.
Most categories saw positive change across the period, with spending on laundry services registering the biggest uptick at 36 percent to SR65.1 million. Recreation followed, with a 35.3 percent increase to SR255.99 million.
Expenditure on apparel and clothing saw an increase of 34.6 percent, followed by a 27.8 percent increase in spending on telecommunication. Jewelry outlays rose 5.6 percent to SR354.45 million.
Data revealed decreases across only three sectors, led by education, which saw the largest dip at 40.4 percent to reach SR62.26 million.
Spending on airlines in Saudi Arabia fell by 25.2 percent, coinciding with major global flight disruptions. This followed an urgent Airbus recall of 6,000 A320-family aircraft after solar radiation was linked to potential flight-control data corruption. Saudi carriers moved swiftly to implement the mandatory fixes.
Flyadeal completed all updates and rebooked affected passengers, while flynas updated 20 aircraft with no schedule impact. Their rapid response contained the disruption, allowing operations to return to normal quickly.
Expenditure on food and beverages saw a 28.4 percent increase to SR2.31 billion, claiming the largest share of the POS. Spending on restaurants and cafes followed with an uptick of 22.3 percent to SR1.90 billion.
The Kingdom’s key urban centers mirrored the national decline. Riyadh, which accounted for the largest share of total POS spending, saw a 14.1 percent surge to SR5.08 billion, up from SR4.46 billion the previous week. The number of transactions in the capital reached 75.2 million, up 4.4 percent week-on-week.
In Jeddah, transaction values increased by 18.1 percent to SR2.03 billion, while Dammam reported a 14 percent surge to SR708.08 million.
POS data, tracked weekly by SAMA, provides an indicator of consumer spending trends and the ongoing growth of digital payments in Saudi Arabia.
The data also highlights the expanding reach of POS infrastructure, extending beyond major retail hubs to smaller cities and service sectors, supporting broader digital inclusion initiatives.
The growth of digital payment technologies aligns with the Kingdom’s Vision 2030 objectives, promoting electronic transactions and contributing to the nation’s broader digital economy.
