If Washington is upset about the influence of the OPEC+ cartel over global oil markets, wait a few years – because it will only get worse. Many analysts are now forecasting that U.S. oil production could peak around 2024, which means the global oil market will have to make do without its most crucial short-cycle “swing” producer to keep up…
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The axing of the energy price guarantee from April next year could lead to almost 11m UK households falling into fuel poverty, campaigners have warned, which is about 26m people. It means more than one in three British households face the grim prospect of hardship: there are an estimated 28.1m households in the UK. The average household in Britain has…
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Pakistan imported petroleum products worth $100 million on deferred payment basis under the Saudi oil facility for the seventh consecutive month in September 2022. Official documents revealed the government has budgeted estimates of $800 million for oil imports under the Saudi oil facility. The country has imported petroleum products worth $300 million in the first three months of the current…
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Power Division is to give a detailed presentation to the federal Cabinet on power theft across the country and measures taken to curb the such practice, official sources told Business Recorder. On October 11, 2022, Power Division briefed the federal Cabinet that major international events had resulted in disruption to the global energy supply chains. As a result, global price of…
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Pakistan on Saturday requested China to rollover its $6.3 billion debt that is maturing in next eight months as part of its overall plan to arrange $34 billion in the current fiscal year to meet its debt and external trade-related obligations. Another proposal was also under consideration to seek a fresh Chinese loan to repay the maturing bilateral debt during…
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The Inquiry Committee on power breakdown of October 13, 2022 has recommended the government to take disciplinary action against the technical teams from Project Delivery South, involved in execution of interim arrangement Asset Management South for lack of O&M activities, sources close to Minister for Power told Business Recorder. Sharing details, sources said, HVDC Converter Station Lahore was importing 1800-MW…
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Consumers will have to pay for the surplus power generation capacity regardless of the use, an amount that is set to rise from Rs900 billion now to Rs1.6 trillion by 2030, said a report released on Friday. The report, titled Pakistan Electricity Outlook 2022 and compiled by the Energy Institute of the Lahore University of Management Sciences (Lums), reveals that…
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Nishat Power Limited (NPL) has posted a 3 percent rise in its first-quarter net profit on an increase in its sales. In a statement to the Pakistan Stock Exchange on Friday, the company reported a net profit of Rs943.136 million for the quarter ended September 30, up from Rs915.047 million in the same period the previous year. The company announced…
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Mari Petroleum Company Limited on Friday reported a 40 percent rise in its first-quarter (Q1) net profit on an increase in its sales. In a statement to the Pakistan Stock Exchange, the company reported a net profit of Rs12.714 billion for the quarter ended September 30, up from Rs9.098 billion in the same period the previous year. The company skipped…
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The relationship between the U.S. and OPEC has always been a fraught one, with America pushing the cartel to slash production when oil prices crash and open the taps when prices soar. While cooperation between the two oil and gas powers is normally focused on supply and demand considerations, geopolitical tensions heavily influence any outcome. Today, as tensions between OPEC…
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