After weeks of tensions in the eastern Mediterranean, Greece and Turkey have signalled a willingness to start talks aimed at resolving a long-standing sea dispute tied to potentially lucrative offshore gas deposits.
German Foreign Minister Heiko Maas urged Greece and Turkey to restart talks over their competing claims to economic sovereignty in contested waters of the eastern Mediterranean as he visits the NATO allies on Tuesday.
Cyprus President Nicos Anastasiades, Greek Prime Minister Kyriakos Mitsotakis and Israeli Prime Minister Benjamin Netanyahu will on Thursday sign an accord for the construction of the Eastern Mediterranean natural gas pipeline.
The Trump administration said it won’t renew waivers that let countries buy Iranian oil without facing U.S. sanctions, a move that roiled energy markets and risks upsetting major importers such as China and India.
Greek prime minister Alexis Tsipras is facing a battle to cling on to his government’s majority after he was forced to shred election promises and introduce punishing austerity measures in exchange for a bailout deal with the country’s European creditors.
With members of his own party openly condemning the preliminary rescue deal, Mr Tsipras, who flew home from gruelling night-long negotiations with European leaders, will chair an executive meeting of his Syriza party before MPs begin a two-day debate on the deal, which will heap more tax rises and spending cuts on a nation already suffering through six years of recession.
The deal ensures that Greece avoids an imminent financial catastrophe and an exit from the eurozone, but Panos Kammenos, leader of the junior partner in Mr Tsipras’ coalition government, called the bailout plan a German-led “coup”.
Oil and gas experts expect European crude demand to grow as a result of the economic agreement struck between the EU and Greece yesterday.
The deal has reduced the prospect of a so-called Grexit from the eurozone.
In its latest review of the market, Scottish consultancy Wood Mackenzie (WoodMac) said: “If Greece remains in the eurozone and the current crisis is contained, the outlook for Europe's oil demand is much improved over the decline seen in 2014.