Baker Hughes reported on Friday that the number of oil rigs in the United States rose by 5 to 226. The total number of active oil and gas rigs increased for the week by 4, with oil rigs rising by 5 and gas rigs falling by 1. Total oil and gas rigs in the United States are now down by…
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As predicted, a second wave of COVID-19 is wreaking havoc on the world economy with many European nations contemplating new shut downs. It looks like it will be a tough winter for the oil markets. In a recent article carried in Reuters, two energy trading firms, Vitol, and Trafigura offered dour forecasts for the next few months. Trafigura’s Executive Chairman, Jeremy Weir…
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Shares of major wind turbine manufacturers slumped on European markets on Wednesday as the U.S. presidential election—with the two candidates differing strongly on energy policy—continued to be too close to call as of 10 a.m. ET. The biggest manufacturers of wind turbines have a strong presence on the U.S. wind market, which has been rapidly growing in recent years. U.S.…
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The United States exported crude oil, petroleum products, and natural gas to Mexico worth nearly US$34 billion in 2019, just shy of the record-high value of energy exports in 2018, the U.S. Energy Information Administration (EIA) said on Wednesday. According to data from the latest annual Standard International Trade Classification (SITC) from the U.S. Census Bureau, the U.S. imported energy…
Read MoreThe sales of petroleum oil products in Pakistan hit two-year high level of 1.7 million tons in October with high speed diesel (HSD) leading the rally from the front. The overall sales increased 11% to 1.7 million tons in October compared to 1.52 million tons in September. The growth in the sales may be attributed to revival of economic activities…
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Although the Texas upstream oil and gas industry remained in contraction in the third quarter, signs have emerged in employment and rig counts that the sector may have already seen the worst of the downturn and could be headed to recovery, the Texas Alliance of Energy Producers said in its latest Texas Petro Index (TPI) this week. The exploration and production activity…
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ISLAMABAD: The federal government on Wednesday formed yet another committee to settle Rs1.6 trillion circular debt after the Petroleum Division warned that power and gas supplies across the country may be disrupted due to near bankruptcy situation of companies. The Economic Coordination Committee (ECC) of the cabinet, which decided to constitute the committee, also allowed the reduction of Rs1.5 billion…
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ISLAMABAD: The industrial package with discount in power tariff by 25-50 percent announced here on Tuesday by Prime Minister Imran Khan will be financed from the Covid-19 Fund. The electric power tariff on incremental consumption of electricity by large scale manufacturing industry has been reduced by 25 percent and 50 percent for medium enterprises (SMEs) from November 1, 2020. More…
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In its latest analysis of air traffic, the union said that domestic demand decreased in September by 43.3% compared to the previous year, an improvement from a 50.7% decline in August compared to 2019, capacity decreased by 33.3% and load factor decreased by 12.4 percentage points to 69.9%. In turn, IATA Director General and CEO Alexander de Juniac said that…
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LAHORE: The Pakistan Association of Large Steel Producers (PALSP) on Wednesday welcomed the Pakistan Tehreek-e-Insaf (PTI) government’s step to reduce power tariffs for Small & Medium Enterprises (SMEs) and industries. In a letter written to Prime Minister Imran Khan, PALSP Secretary General Syed Wajid Iqbal Bukhari said the government’s decision “is an unprecedented step towards improving the country’s economy and reducing…
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