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…
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(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…
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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…
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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…
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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…
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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.…
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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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The capacity of the EU’s offshore windfarms in the North Sea, the Baltic, the Atlantic, the Mediterranean and the Black Sea will be increased by 250%, under a draft plan drawn up by the European commission. The move follows Boris Johnson’s announcement this year of his intention to generate enough electricity to power every home in the UK within a…
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Oil production in Libya has already exceeded 1.2 million barrels per day (bpd), a source in Libya’s oil industry told Reuters on Friday, while this faster-than-expected output resumption could give OPEC+ yet another reason to reconsider its current plan to ease the ongoing cuts by 2 million bpd from January. Libya’s oil production has now reached 1.215 million bpd, the…
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Michigan’s Governor Gretchen Whitmer and the director of the state’s Department of Natural Resources have revoked Enbridge’s easement for the operation of the twin Line 5 pipeline, citing repeated violations of the easement and the need to protect the Great Lakes. “The state is revoking the easement for violation of the public trust doctrine, given the unreasonable risk that continued…
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