Turkish government lowers 2008 energy consumption estimate

Turkey's economic growth fell to 0.5 percent in the third quarter of 2008 as the global economic crisis bites firms and consumers.Â

Oil prices, which would be under pressure during 2009, will start to see an upturn as of 2010 inline with the boost in the global economy, Fatih Birol, chief economist of the International Energy Agency also said on Monday.

"We are estimating that oil prices will reach the $100 levels between 2010 and 2015," Birol said at a conference where the IEA's World Energy Outlook report was submitted.

Oil prices have fallen 73 percent since peaking at $147.27 a barrel on July 11 as a credit crisis in the U.S. sparked a steep drop-off in consumer demand and corporate earnings. Analysts are expecting more dismal economic news from the fourth quarter over the next few weeks.

Oil had jumped 6.7 percent to $37.71 on Dec. 26, the biggest gain in two weeks for a contract closest to expiration. Prices rose as OPEC member-states cut output to prevent a glut and Israel threatened to retaliate for a string of rocket attacks since a six-month truce with Hamas collapsed on Dec. 19.