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Erdogan Announces Major Oil Discovery As Election Looms


Turkish President Recep Erdogan has announced a major oil reserve discovery 13 days out from the May 14 Turkish general election.

  • Erdogan tweeted: "We discovered a new oil reserve in Cudi-Gabar with a production capacity of 100,000 barrels per day. Good luck to our nation."
  • Erdogan said today at a rally in Konya province: "We are working hard to emancipate Türkiye from external dependency on energy."
  • Ragip Soylu at Middle East Eye tweets: "I do find the timing suspicious but still believe the oil is very likely there. Same suspicions were raised about the Black Sea gas now we have CHP MPs proudly talking about it."
  • Betting markets see opposition candidate Kemal Kilicdaroglu as slight favourite to take the presidency. According to Smarkets, Kilicdaroglu has a 58% implied probability of winning, compared to Erdogan's 47%.

Figure 1: Turkey General Election Winner (Smarkets)

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