The EU on Wednesday proposed a law requiring natural gas storage be filled to a minimum 80 percent before next winter as it grapples with soaring energy prices exacerbated by the fallout from Russia’s war in Ukraine. The measure is one of several options the 27-nation bloc is looking at as inflation and projected lower economic growth from the war…
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Oil at $150 a barrel is not “outside the realm” of possibilities, says one energy trader. “It’s hard to take anything off the table right now. Russia is starting to retaliate with its own response to U.S. sanctions, whether that’s demanding payments in rubles or potentially not allowing crude to flow through a very prominent pipeline through Kazakhstan,” Rebecca Babin, senior…
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International chemicals giant Linde has joined a host of Western oil producers, oilfield service providers and technology players in exiting Russia following the country’s invasion of Ukraine, putting in doubt Moscow’sambitions of becoming a major global exporter of liquified natural gas by 2030. As a member of a consortium with Technip Energies and Russia’s Nipigazpererabotka, Linde is a key partner…
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The International Monetary Fund (IMF) is not convinced with the government’s justifications for a recently announced amnesty scheme and has doubts over the financial impact and financing sources of the prime minister’s relief package on electricity and petroleum prices. As a result, the Fund’s mission and the government authorities are unlikely to conclude the ongoing seventh review of the $6 billion Extended…
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Finance ministry on Wednesday said Pakistan’s economy is also facing the inflation headwinds due to record high international energy and food prices. The recent developments in the international markets threaten the recovery of the global economy including Pakistan, the ministry said in a statement “Record high international prices of energy, food and other commodities combined with rising freight costs have…
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The Ministry of finance Wednesday rejected news items published in the international media about the state of Pakistan’s economy, terming them biased and one-sided as the views of the government or the independent assessments of its development partners including the IMF, World Bank and the Asian Development Bank, were not taken into account. “We note with concern that certain international…
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Asia’s cash premiums for 380-cst high-sulphur fuel oil (HSFO) surged to their highest level in nearly six months on Wednesday, lifted by steady cargo demand in the Singapore trade window, while residual fuel inventories in Fujairah dropped to a three-week low. The cash differentials for 380-cst HSFO were at a premium of $9.21 per tonne to Singapore quotes, a level…
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The Oil Company Advisory Council (OCAC) has asked the Oil and Gas Regulatory Authority (Ogra) to pay attention to problems being faced by major shareholders of the oil industry. The industry says the Ogra should hold regular meetings with leading oil marketing companies (OMCs), on price differential claim (PDC), the IFEM, and other matters. “No meeting of the regulator was…
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Without providing any alternative source of livelihood to the desert dwellers, the coal power companies have been encroaching on their farmlands and pastures, erecting fences around them, and banning the entry of local communities and their livestock. As if pains and sorrows of dispossession and destitution were not enough, the increasing depletion and poisoning of groundwater — an environmental externality…
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