Importance of Turkey’s Elections amid Western Sanctions on Russia, the EU’s Gas Import Mix in April, and the Importance of OPEC+ and Oil Market Management

In Today’s Issue:

· Importance of Turkey’s Elections amid Western Sanctions on Russia (3 Charts)

· EU’s Monthly Gas Import Mix in April (5 Charts)

· Does the Market Need OPEC/OPEC+? (1 Chart)

MAIN TAKEAWAYS

1. Turkey’s oil product imports from Russia soared to 475,000 b/d in April, Kpler’s data shows.

2. A noticeable spike has been recorded in Turkey’s oil product exports to Greece and the Netherlands in April.

3. Russian piped gas supplies to the EU jumped 5% MoM in April, while Algerian gas exports to the continent were up by 20% MoM, based on the EOA’s calculations.

4. The global oil market currently needs OPEC+ or any form of management.

5. The market needs management, and it needs some measures to be taken by OPEC+ to control extreme volatility.

Importance of Turkey’s Elections to Europe Amid Sanctions on Russia