While the UK’s total new car sales slumped in November due to the second lockdown, electric vehicles (EVs) recorded their third-highest ever monthly share of registrations at 9.1 percent, the Society of Motor Manufacturers and Traders (SMMT) said on Friday. To compare, in November of 2019, the share of battery EVs of total new car registrations in the UK was…
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Denmark will stop extracting oil from the North Sea in 2050, the Danish government has said, adding it would cancel its eighth licensing round, announced earlier this year. The round failed to attract much attention, anyway, with just one applicant expressing interest after French Total withdrew, Reuters noted in a report on the news. Denmark is not a particularly large producer of oil and…
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Oil prices rallied on Friday morning as OPEC+ finally came to a compromise, with the group unanimously agreeing to add 500,000bpd to January quotas. For Global Energy Alert members there are now two new free reports available in your dashboard. The first of these reports is on how to interpret stock charts and the second outlines the three biggest mistakes made by traders today. Make sure you become…
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Getting rid of bad governance, mismanagement and corruption would obviously be a huge service to our country. The question is: are we truly committed to this fight? What happens when stories of corruption and mismanagement start coming in but instead of dealing with them, the government resorts to targeting the messenger. As Shahzeb Khanzada has raised time and again on…
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ISLAMABAD: The Petroleum Division (PD) on Thursday said the government had procured 41 spot liquefied natural gas (LNG) cargoes, during the last 27 months, on average of below 12 percent Brent that helped save $237 million. The PD shared these details in a press statement after some media reports alleged mismanagement in the spot buying, terming them “based on false…
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A project that combines satellite images, mapping technologies and the local knowledge of villagers to help build climate-proof settlements in disaster-prone areas of Pakistan won an international award on Thursday. More than 1 million people have benefited from the Aga Khan Agency for Habitat (AKAH) Pakistan project, which was a gold prize winner at the World Habitat Awards that are…
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ISLAMABAD: The cabinet’s economic decision-making body on Thursday did not approve a subsidy of Rs9.5 billion under the prime minister’s industrial package that the Power Division sought to pick the difference between peak and off-peak electricity rates. The Economic Coordination Committee (ECC) of the cabinet was not sure about the base of the Rs9.5 billion subsidy claim for the period…
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Saudi Arabia’s crude oil exports to the United States fell to the lowest in 35 years in October, averaging less than 100,000 bpd, Bloomberg reported, citing preliminary and historical data from the Energy Information Administration. In the week to November 27 alone, the volume of Saudi oil shipments to the U.S. fell to as little as 73,000 bpd. The average…
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Days after reports emerged that the newly opened Belarus nuclear power plant suffered an incident, authorities in neighboring Lithuania told the Baltic country’s population on Thursday to stock up on food in case of an incident at the nuclear power facility in Belarus, which is just 30 miles away from Lithuania’s capital city Vilnius. “We recommend that the population create…
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The Public Investment Fund, the sovereign wealth fund of the world’s largest oil exporter Saudi Arabia, has contacted international banks for a loan of up to US$7 billion to use for new investments, Bloomberg reported on Thursday, citing sources with knowledge of the plans. The Public Investment Fund (PIF), as the wealth fund is officially known, aims to be one…
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