Slower demand growth due to the pandemic and a drop in global oil supply due to low investments could result in peak oil demand 2-3 years sooner than an earlier view that demand will peak around 2030, Norway’s energy giant Equinor said on Tuesday. The oil and gas major, which has just announced its ambition to become a net-zero energy…
Read MoreDay: November 17, 2020
COVID-19 Takes Major Toll On Australian Oil & Gas Jobs
The Covid-19 pandemic hit Australia’s already declining oil and gas workforce hard, causing a loss of over 28,000 jobs this year, equivalent to a quarter of the country’s total count, a Rystad Energy analysis reveals. Some of these jobs will be restored from 2021 onwards, but Australia’s oil and gas workforce will struggle to recover pre-pandemic levels for at least…
Read MoreOil Markets See Light At The End Of The Tunnel
Oil prices rose on Monday and remained steady on Tuesday morning as markets are cautiously looking beyond the COVID-19 pandemic Chart of the Week The EIA forecasts U.S. oil production remaining flat through the end of 2021. Production topped out at 12.9 mb/d (on a monthly basis) in November 2019, before falling to 10 mb/d by May 2020. Production rebounded to 10.6…
Read MoreEIA projects $43 oil, flat U.S. production in the first half of 2021
WASHINGTON, DC – The U.S. Energy Information Administration reported that a record 12.9 million barrels per day (bpd) of crude oil was produced in the United States in November 2019 and was at 12.7 million bpd in March 2020, when the President declared a national emergency concerning the COVID-19 outbreak. Crude oil production then fell to 10.0 million bpd in…
Read MoreOPEC+ ministers warn of continued oil demand fragility
(Bloomberg) –As OPEC+ began talks on whether to postpone January’s oil-production increase, ministers sounded cautious about the strength of global demand. Saudi Energy Minister Prince Abdulaziz bin Salman said he could see a light at the end of the tunnel thanks to the development of Covid-19 vaccines, but the market had some way to go before getting there. His counterparts…
Read MoreHoles in budgeted, authorised and actual development spending
When an economy takes a downturn, private investors and bankers tend to avoid much of the business risks thus the government’s development spending serves as a stimulus for economic growth and creates jobs. The capital spending on social and physical infrastructure also provides the private sector with business opportunities. However, according to the latest reported update issued by the Ministry…
Read MoreFalling off a cliff with an uphill task ahead
The rupee has gained around 18 paisas each day since hitting a trough of Rs168.43 on August 26 against the dollar. The rupee on Nov 13 hit a six-month high of Rs158.33 against the greenback. Between these months, markets have reacted to the first quarterly surplus in more than five years, $2 billion in remittances for five consecutive months, extension…
Read MoreFacilitating foreign investors
After launching Roshan Digital Accounts for overseas Pakistanis to boost both home remittances and foreign portfolio investment (FPI) in government debt securities, Pakistan is now trying to boost foreign direct investment (FDI) and exports. The purpose is to keep the balance of payments in shape at a time when geopolitical compulsions and a Covid-19–triggered global economic slowdown pose challenges for…
Read MoreKE’s issues: Centre seeks time for submitting ‘viable’ solution to SC
ISLAMABAD: The federal government has sought two weeks’ time from Supreme Court of Pakistan to present a viable solution to Karachi Electric’s (KE) issues including exclusivity after 2023. A government team comprising Minister for Planning, Development and Special Initiatives, Asad Umar, Minister for Energy, Omar Ayub, SAPM on Petroleum, Nadeem Babar and Nepra’s team headed by its Chairman Tauseef H.…
Read MoreGlobal treaty to tackle plastic pollution gains steam without US and UK
Support is growing internationally for a new global treaty to tackle the plastic pollution crisis, it has emerged, though so far without the two biggest per capita waste producers – the US and the UK – which have yet to signal their participation. A UN working group on marine litter and microplastics met at a virtual conference last week to…
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