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March 14th - According to a Reuters report on the 13th, approximately 20 Indian oil tankers remain stranded near the Strait of Hormuz due to the ongoing conflict in the Middle East. Sources revealed that India is currently holding a new round of emergency negotiations with Iran to ensure the safe passage of these vessels. Experts say that if the military conflict continues, energy supply disruptions will slow Indias economic growth. India is the worlds second-largest importer of liquefied petroleum gas (LPG), relying on imports for two-thirds of its LPG, with 85% to 90% of those imports coming from the Middle East. India is also the worlds fourth-largest buyer of liquefied natural gas (LNG), relying on imports for about half of its LNG, with the majority of those imports originating from the Middle East.Japanese Finance Minister Satsuki Katayama: We will respond to currency market fluctuations at any time and pay attention to the impact of exchange rate changes on peoples lives.March 14 - Sources familiar with the matter revealed that some oil loading operations at the Port of Fujairah in the United Arab Emirates, located outside the Strait of Hormuz, have been suspended following a drone attack and subsequent fire on Saturday morning. The Abu Dhabi National Oil Company and the Fujairah Port Authority did not immediately respond to requests for comment. The attack comes after the US military struck Harq Island, crucial for Iranian oil exports. Iran responded by stating that any attack on oil and energy infrastructure would provoke attacks on US-linked energy facilities in the region. The escalation of the conflict in the Persian Gulf has disrupted energy trade in the region, damaged oil and gas infrastructure, and nearly severed traffic in the Strait of Hormuz. The Port of Fujairah in the UAE is one of the few remaining ports in the region exporting oil and has previously reported missile threats.South Koreas Ministry of Finance: The finance ministers of South Korea and Japan reiterated that they will closely monitor the foreign exchange market and take appropriate measures against excessive volatility and disorderly trends.According to AFP: Since the Russia-Ukraine conflict, Norway has become the largest single supplier of natural gas to the European continent. Now, Norway hopes to use the Middle East conflict as an opportunity to secure EU approval for its (natural gas) drilling in the Arctic.

Erdogan Rival's Lights Are Turned Off After He Refuses to Pay Increasing Electricity Costs

Charlie Brooks

Apr 22, 2022 09:38

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"This is not an incitement to civil disobedience; this is a call to resist. This is a battle for your civil rights. My battle is to be a voice for the families and children who have been abandoned, "Kemal Kilicdaroglu, Chairman of the Republican People's Party, stated as he sat alongside his wife in their Ankara home lit by a gas lamp.


"My wife and I will be in the dark for a week... I shall sit in the darkness in order to feel my people's anguish "Additionally, he said.


In March, annual inflation increased to 61%. Numerous commentators attribute the economic instability to President Tayyip Erdogan's last-minute interest rate cuts.


Kilicdaroglu said in February that he would cease paying his power bills and urged the government to reverse the price increases.


He noted earlier on Thursday that power rates, which increased by between 50% and 125% at the start of 2022, have increased by more than 400% in three years.


Kilicdaroglu stated that over 4 million Turkish users lost electricity in 2021, without providing a source for the statistic.


Erdogan's popularity has suffered as a result of the inflationary increase in the run-up to the June 2023 national elections, in which Kilicdaroglu is seen as a possible presidential candidate.


Years of double-digit inflation, along with the latest spike, have eaten away at family savings and wages. Shopkeepers, local councils, and a religious community organization have all expressed concern over growing energy costs.


Last year, the lira fell 44 percent versus the dollar, owing mostly to monetary easing that started in September amid growing inflation. Through Turkey's strong reliance on imports, the devaluation fueled inflation.


The easing cycle was part of Erdogan's new economic policy, which seeks to stimulate exports, lending, and investment while also reducing inflation, according to the government.