A week after the devastating earthquakes that primarily hit Turkey and Syria, the enormous impact of it becomes clear. Already 36.000 people have died since, making it the deadliest earthquake in Turkey’s modern history. As the rescue missions are drawing close, Turkey’s government is widely criticised for not enforcing construction standards.
Some positive news from the EU. As wholesale gas prices declined to record low levels, the European Commission forecast that the European Union would likely avoid recession this year. The commission’s winter projection was more hopeful than expected, predicting that in 2023, the economy of the euro area would grow by 0.9%. Furthermore, the commission forecast that inflation will decline in the months ahead.
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Russia has announced that it will reduce oil production starting the following month in response to a price restriction imposed by western countries. Allegedly, Moscow is trying to weaponize oil supplies for the first time after cutting back on natural gas deliveries to Europe last year. According to experts, Moscow probably chose to declare that it was cutting production over suffering a decline that was forced by Western sanctions.
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