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Global Energy Advisory July 22nd 2016

Politics, Geopolitics & Conflict

• Turkey took center stage this week after an attempted military coup that was quickly crushed, resulting in what can only be described as a major purge. As of the time of writing this, tens of thousands of public servants, military officials and teachers have been either sacked, arrested or rounded up for investigation. More than 20,000 teachers have had their licenses withdrawn.

The official stance as expressed by President Erdogan is that he is cleaning “the virus” that led to the coup attempt, claiming former ally Fethullah Gulen – a U.S.-based Islamic scholar who manages an international network of Muslim schools – was behind the attempt and asking for his extradition from the U.S. only to be told by Secretary John Kerry that the U.S. side needed hard proof Gulen was behind the coup.

Concern about the situation in Turkey reached a new high on Thursday when Erdogan declared a three-month state of emergency, which gives him virtually unlimited powers. Turkey is a major international energy hub – 3 percent of global maritime oil shipments pass through the Bosphorus strait, which was temporarily closed over the weekend, during the coup. With his new unlimited authority and his tendency to completely disregard (or prosecute) any kind of criticism, President Erdogan has put a huge question mark over the security of oil shipments through the Bosphorus.

European leaders have cautioned…

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