The United States held a record-high level of commercial crude oil inventories as of the week to June 19 following the collapse in demand in the lockdown and the slow demand recovery after lockdowns were lifted, data from the Energy Information Administration (EIA) showed on Monday. In its latest Weekly Petroleum Status Report, the EIA reported a 1.4-million-barrel increase in…
Read More
ISLAMABAD: With a view to wriggling Karachi—business capital of Pakistan out of crippling power outages and to avoid increasing loadshedding in Punjab, KP, Sindh and Balochistan, the state owned Pakistan State Oil (PSO) is all set to hold much awaited bids opening tomorrow (June 30, 2020) for import of furnace oil. And the furnace oil will be imported through Pakistan…
Read More
As if the economic fallout from the novel coronavirus pandemic weren’t enough, a series of trade battles have redoubled the United States’ economic woes in recent weeks. Like everywhere else around the globe, the U.S. has seen a severe downturn in nearly every economic sector and soaring rates of unemployment as the country shut down in the face of COVID-19.…
Read More
ISLAMABAD: Despite lacking the required facilities, Pakistan has finally adopted the international safety standard regulations to ensure that the vehicles being manufactured/assembled in the country meet the global standard. According to documents available with this scribe, Pakistan has ratified the United Nations treaty on “Adoption of Harmonized Technical Nations Regulations for Wheeled Vehicles, Equipment and Parts which can be fitted and/or…
Read More
The US is to join with other major powers including China, India and the EU in formulating plans for a global green recovery from the coronavirus crisis, in the only major international summit on the climate emergency this year. The idea of a green recovery to prevent a dangerous rebound in greenhouse gas emissions to above pre-Covid-19 levels has been gathering steam,…
Read More
India’s crude oil production fell 7.1% in May 2020 compared to May 2019 on the back of low demand due to the Covid-19 pandemic. Domestic production of crude has, however, been falling every year since FY 2012. Annual crude oil production has fallen at a compounded annual rate of 2.1% since to 32,169.3 thousand Metric Tonnes (TMT) in FY 2020 from 38,089.7…
Read More
The pandemic has presented an unprecedented challenge to the global economy. But to restaurants and bars the threat is nothing short of existential. A recent survey released by Yelp queried some 24,000 establishments that had shuttered during the coronavirus lockdown. Shockingly, it found that more than half—a full 53%—will be shuttered permanently. Things were looking a touch more promising in early June,…
Read More
When Indian and Chinese troops started throwing rocks at each other in a fatal skirmish in the Galwan Valley earlier this month, the incident appeared to be yet another outbreak in hostilities over an ill-defined Himalayan border between the two countries. Tensions between China and India over the border go back decades and erupted into war in 1962. But observers say…
Read More
India has opened one of the largest hospitals in the world to help fight coronavirus, as health authorities announced the country’s biggest one-day increase in the number of new infections.The Sardar Patel COVID Care Centre, the largest facility of its kind in India, became partly operational on Sunday, with 2,000 of its 10,000 beds available, according to the Delhi government.The remaining 8,000…
Read More
Power shortages in Pakistan tend to be due to grid issues rather than a lack of generation capacity,” said Simon Nicholas, energy finance analyst at the Institute for Energy Economics and Financial Analysis (IEEFA). With the demand for electricity growth slowing, Pakistan is faced with the increasing financial burden of power capacity payments and overcapacity risk at a time when…
Read More
