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Turkey’s failure to lessen its dependence on foreign energy is suddenly a big problem
In the U.S., oil above $80 a barrel is an annoyance for drivers. In Turkey, it could tip the entire economy into recession.
Sunday’s decision by major oil producers to keep output steady has pushed international oil prices to their highest level since November 2014 in dollar terms. In Turkish lira, the oil price is the most expensive ever, having almost doubled so far this year.