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Ceyhan Crude Flows Halted Following Deadly Earthquake

TURKEY
  • Turkey has halted crude-oil flows to its Ceyhan export terminal on the Mediterranean coast as a precaution following an earthquake, Bloomberg report. State pipeline operator Botas made the decision this morning after an earthquake killed hundreds of people in Turkey and Syria and damaged infrastructure. There were no leaks detected on the pipelines feeding the port, the official said, which is a vital hub for oil sales, exporting over 1 million barrels a day in January.
  • Early Monday morning, a 7.7 magnitude earthquake struck the city of Gaziantep - one of the most powerful earthquakes to hit the region in decades. Reports of hundreds of fatalities as well as infrastructure damage have been widespread.
  • Short selling has been suspended indefinitely as of Monday following the earthquake, Borsa Istanbul said in exchange filing.
  • In its monthly price developments report, Turkey’s central bank highlighted the significant increase in services prices last month, with restaurants and hotels impacted the most by the increase in minimum wage and increases in food prices.
  • President Erdogan will chair a cabinet meeting in Anakra at 1200 GMT/1500 local time, there are no major economic releases on the docket today.

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