The Eastern Mediterranean has already become a significant source of natural gas production, but fully developing the region’s gas reserves, as well as finding ways to move that gas to market, has been extremely challenging.
The deeper risk from Turkey's economic crisis is if the contagion spreads as major banks are exposed to souring emerging market assets, or because businesses and even entire governments struggle to pay back the mounting debt denominated in U.S. dollars.
The Kurdish predicament is defined by energy and oil. Their assets hold the promise of prosperity and independence—but they also serve as tripwires for conflict and sources of leverage for opponents.
With international events happening at a quick pace and relationships with allies and enemies in flux, the next president will have a long list of foreign policy challenges, with major oil-producing countries as top concerns.
Turkey sits at the crossroads between east and west. This has been a strategic advantage throughout its history, but even in the modern world, Turkey still sees an enormous benefit from being the gateway between Europe, Central Asia, and the energy-rich Middle East.
Optimists believed that development of a the Leviathan natural gas field could mitigate some of the most volatile tensions in the Middle East, improve regional energy security, and even allow Europe to reduce its gas imports from Russia.