A key American oil benchmark, West Texas Intermediate, fell by more than 80% on Monday as global oil markets continue to grapple with a pandemic-driven collapse in demand. At the start of 2020, a barrel of WTI cost around $60. Shortly after 1:40 p.m. ET on Monday, a barrel was trading for less than $2 — the lowest price the…
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THE coronavirus pandemic has put economies in turmoil. The global economy is estimated by the International Monetary Fund (IMF) to face negative 3 per cent growth this year. No major economy worth the name may avoid a recession in 2020, other than the two powerhouses — China and India — who may remain in a marginally positive mode with less than 2pc…
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Energy demand, which was already less than installed capacities and committed imports, has further gone down, almost by an average of 50%. Many refineries are closed. There is talk of introducing force majeure on Qatar LNG and other import projects. Prices of oil, among other commodities, have gone down to $30 a barrel and even lower under the combined effect…
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As Turkmenistan targets to achieve financial close of a multibillion-dollar transnational gas pipeline project in November this year, Pakistan needs to expedite work on its part of the pipeline to ensure energy security. Turkmenistan-Afghanistan-Pakistan-India (Tapi) gas pipeline project will work as an energy corridor and connect Central and South Asian regions. Background discussions with officials and experts revealed that the…
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KARACHI: Soon after meeting a provincial government delegation, the leaders from trade organisations said that business activities would resume in the city in a limited manner from next week during coronavirus lockdown, ARY NEWS reported. Talking to media, they said that the government’s team has agreed over resuming business in the city and shops of different sectors will operate on…
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COVID-19 is causing an unprecedented global economic crisis which also affects the LNG industry. In February China’s lockdown seemed to contain the outbreak of the virus but the ensuing pandemic has proven otherwise. Energy prices have plummeted as demand evaporated overnight. While China’s economy took a severe hit due to the lockdown, the country could now benefit significantly as it’s…
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OTTAWA (Reuters) – Canada will invest C$2.5 billion ($1.8 billion) in measures to help the hard-hit oil and gas industry during the coronavirus outbreak, which has killed 1,250 people in the country, Prime Minister Justin Trudeau said on Friday. The sector, which accounts for 10.6% of Canada’s gross domestic product, has urged Ottawa to free up credit and cash to…
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The rise in disposable face masks and gloves being used to prevent the spread of coronavirus is adding to the glut of plastic pollution threatening the health of oceans and marine life, environmentalists warn. On Wednesday, New York Governor Andrew Cuomo issued an executive order, effective this weekend, that New Yorkers must now wear a mask when out in public in situations where social distancing isn’t possible. The…
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ISLAMABAD: The independent power producers (IPPs), the major stakeholders in power generation, have written a letter to federal minister for energy Omar Ayub Khan, strongly condemning Muhammad Ali, head of the government’s committee for power sector audit, circular debt resolution and future roadmap over his alleged unprecedented bias. The letter stated that Ali expressed his unjust bias against IPPs on…
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ISLAMABAD: The head of legal department of Private Power and Infrastructure Board (PPIB), Barrister Asghar Khan, tendered his resignation on Monday after developing differences over issues relating to payment of capacity charges worth billions of rupees to independent power producers and transactions about new power projects on coal and liquefied natural gas. According to sources, Barrister Khan had written a…
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