The world is past the era of growing crude oil demand, BP said in its annual energy outlook report, which was released today. The message of the outlook, according to media reports, is that oil consumption may never recover to pre-pandemic levels, and not just because of the pandemic itself but because of factors that have been at play long before…
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Renewables are set to be the fastest-growing source of energy in the coming decades, giving fossil fuels such as coal and oil a run for their money in many parts of the world. Sure, the world will continue to need oil, coal, and natural gas in the future, because energy systems cannot and will not switch to 100-percent low-carbon energy sources…
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OPEC revised down by another 400,000 bpd its forecast for global oil demand this year, expecting consumption to shrink by 9.5 million bpd over 2019, cutting forecasts for the second month in a row as risks with the pandemic and economic activity remains skewed to the downside. In its Monthly Oil Market Report (MOMR) published on Monday, OPEC said that it…
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KARACHI: Advisor to PM on Finance Dr Abdul Hafeez Sheikh had an interactive session with foreign investors at OICCI on September 12th, during which he gave a comprehensive overview of the challenges faced by the economy in the past two years and how the GOP has successfully managed to stabilize the economy which is now on a recovery path. Dr…
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Saudi Arabia’s oil giant Aramco reclaimed the spot of the world’s most valuable company after a relatively steady performance in Riyadh so far this month, while shares in Apple plunged amid a wider sell-off in tech stocks in New York. According to estimates from Bloomberg, Aramco – which became the world’s largest listed firm by market capitalization with its listing…
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KARAK: The ruling Pakistan Tehreek-i-Insaf MNA Shahid Khattak has claimed that Rs12 billion oil and gas royalty funds would be spent on development projects in the Karak district in the next five years, including Rs1.3 billion during the current financial year. Talking to mediapersons here the other day, he said a high-level meeting held a few days ago chaired by…
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The biggest challenge for the exploration and production sector in 2020 has been very weak oil prices – down almost 25 percent in FY20 year-on-year. In addition, falling oil and gas production volumes amid depleting resources have been a key concern for the domestic E&P sector. And hence market expectations for PPL’s performance in FY20 had been tainted by weak…
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The cover of the September/October 2020 issue of Sierra magazine states “The End of Oil is Near”. The corresponding story “The End of Oil?” was paralleled with a recent segment on Democracy Now. I think that is wishful thinking. To the extent that oil demand goes down in the future, it will go down because people can’t afford oil distillates at…
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QUETTA – The Balochistan government has brought changes in mineral laws to transform state-run minerals companies into vibrant and profitable entities, according to a senior officer of the Mines and Minerals Department. The move is meant to clear the path for the Balochistan Minerals Exploration Company (BMEC) and Balochistan Minerals Resource Company Limited (BMRL) to take mining lease in the…
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We have seen oil prices go up and down, up and down over the 100 years my family has been in the oil business. My great grandfather, AP Young, worked the West Texas oilfields until his work boots were sloshing because of all the sweat. Some years, he would sit under a tree and hope someone on the rig got…
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