Tensions are likely to heighten in the Mediterranean region as Turkey has defied pressure from the European Union and has sent drilling ship at the Alanya-1 borehole, 100 kilometers (62 miles) off the southern Turkish province of Antalya this week, a move that pours gasoline on the ongoing dispute over maritime borders between Turkey and the European Union. The move is also a strong signal from Ankara that the country won’t be left out of a potential offshore gas bonanza as neighboring Cyprus is set to renew exploratory drilling off its southern shores. ExxonMobil is scheduled to start drilling in one of 13 blocks inside Cyprus' exclusive economic zone by the end of 2018.
While Cyprus has urged Turkey to respect its sovereignty, and called for cooperation on energy resources suggesting that it stands ready to cooperate, Turkey doesn’t recognize Cyprus as a state and opposes its gas search, which it says infringes on Turkey’s own rights to oil and gas reserves and ignores the rights of breakaway Turkish Cypriots to the ethnically split island’s natural resources. Cyprus was divided in 1974 when Turkey invaded in response to a coup by supporters of union with Greece. Turkey recognizes the northern part as its own territory and the residents are often called Turkish Cypriots.
This year, Turkey has been increasingly assertive over the region. In February, Turkey sent warships to prevent Italian company Eni from exploring for hydrocarbons. The Cypriot government has repeatedly called on Turkey to share the resources with all Cypriots both Turkish and Greek. The region is expected to hold 4.5 trillion cubic feet worth of gas reserves.


Asian Stocks Rise as Tech Gains Offset US-Iran Tensions, Oil Prices Add Pressure
US-Iran Peace Talks Fuel Market Optimism Amid Ongoing Tensions
Oil Prices Slip as U.S.-Iran Tensions and Ceasefire Uncertainty Weigh on Markets
USMCA Talks Set to Resume as Mexico Signals New Round of Trade Negotiations
FxWirePro: Daily Commodity Tracker - 21st March, 2022
Japan Inflation Expectations Rise as BOJ Rate Hike Timing Faces Uncertainty
Canada-USMCA Review 2026: No Collapse Expected Despite July 1 Deadline
Oil Prices Slip Amid Iran Ceasefire Extension, Hormuz Disruptions Keep Markets Tense
U.S. Freezes Dollar Transfers to Iraq, Pressures Government Over Iran-Backed Militias
South Korea Economy Rebounds on Semiconductor Export Surge Amid Middle East Risks
U.S. Stock Futures Rise as Trump Extends Iran Ceasefire, Easing Market Tensions
Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 



