Türkiye Aims for 100,000 Barrels Per Day from Gabar Well by Year End

Gabar well in Sirnak Province, southeastern Türkiye. (Getty)
Gabar well in Sirnak Province, southeastern Türkiye. (Getty)
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Türkiye Aims for 100,000 Barrels Per Day from Gabar Well by Year End

Gabar well in Sirnak Province, southeastern Türkiye. (Getty)
Gabar well in Sirnak Province, southeastern Türkiye. (Getty)

Türkiye’s President Recep Tayyip Erdogan has said the country's goal is for the daily oil production in Gabar well to reach 100,000 barrels by the end of 2024, according to Anadolu Agency.

“Our main goal is to achieve complete independence in energy. We are determined and courageously implementing initiatives that will guarantee Türkiye’s energy security,” said Erdogan in a statement on Saturday at a meeting organized in Türkiye’s Black Sea province Zonguldak.

Erdogan further said the daily production of oil wells in Gabar mountain, located in Türkiye’s southeastern province Sirnak, has reached 35,000 barrels.

"We aim for the daily oil production in Gabar to reach 100,000 barrels by the end of the year 2024,” he added.

Erdogan also hoped to announce new good news regarding oil, mining, and natural gas in the upcoming period: "We will never allow the prevention of Türkiye’s utilization of its underground and above-ground resources again."

The Turkish president announced in December 2022 the discovery of a field with oil reserves amounting to 150 million barrels in Mount Gabar.



Gold Races to Record Highs after Trump's Tariff Threats

(FILES) A photograph taken on April 30, 2024 shows gold bracelets displayed in a shop window on Green Street, east London. (Photo by James RYBACKI / AFP)
(FILES) A photograph taken on April 30, 2024 shows gold bracelets displayed in a shop window on Green Street, east London. (Photo by James RYBACKI / AFP)
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Gold Races to Record Highs after Trump's Tariff Threats

(FILES) A photograph taken on April 30, 2024 shows gold bracelets displayed in a shop window on Green Street, east London. (Photo by James RYBACKI / AFP)
(FILES) A photograph taken on April 30, 2024 shows gold bracelets displayed in a shop window on Green Street, east London. (Photo by James RYBACKI / AFP)

Gold climbed more than 1% on Monday, as US President Donald Trump's latest tariff plans heightened fears of a global trade war, fueling demand for the safe-haven metal and pushing bullion prices to record highs.
Spot gold was up 1.2% at $2,895.38 per ounce, as of 0758 GMT. Earlier in the session, bullion hit an all-time high of $2,896.35, marking its seventh record this year. US gold futures also climbed 1.2% to $2,920.8, Reuters reported.
"Trump announcing new tariffs is supporting inflation and growth concerns, lifting the yellow metal. We look for further price support, with gold heading to $3,000/oz," UBS analyst Giovanni Staunovo said.
Trump said during the weekend that he will announce new 25% tariffs on Monday on all steel and aluminium imports into the US, which would come on top of existing metal duties in another major escalation of his trade policy overhaul.
Trump also said he will announce reciprocal tariffs on Tuesday or Wednesday, to take effect almost immediately, applying them to all countries and matching the tariff rates levied by each country.
"The potential of gold also getting caught up in the tit-for-tat tariffs is causing a dislocation in the physical market," said Daniel Hynes, senior commodity strategist, ANZ bank.
Federal Reserve officials on Friday noted the lack of clarity over how Trump's policies will affect economic growth and still-elevated inflation, underscoring their no-rush approach to rate cuts as US job market remains solid.
Gold is considered a safe investment during economic and financial turmoil, although higher interest rates reduce the non-yielding asset's appeal.
"I don't see any high probability of a correction yet (in gold) at this juncture, unless we start to see a kind of a very strong US dollar push up," said Kelvin Wong, OANDA's senior market analyst for Asia Pacific.
Spot silver gained 1% to $32.14 per ounce, after rising to its highest level since November on Friday. Platinum added 0.8% to $983.86 and palladium gained 0.6% to $970.15.