Author: Admin

Pakistan’s Energy Sector Crisis Deepens as Weak Reforms Fail to Stem Debt Spiral

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Energy-Crisis

ISLAMABAD: Pakistan’s energy sector remains a major drag on the economy, with accumulated liabilities exceeding Rs4.6 trillion and little progress on long-promised reforms. Weak recoveries, rampant theft, poor infrastructure, governance lapses, and market inefficiencies have entrenched the so-called “circular debt,” according to a new report by the Washington-based Institute of International Finance (IIF). The IIF estimates that energy-related debt now equals 4% of GDP, weighing heavily on fiscal stability, growth, inflation, and the external balance. Despite periodic government interventions — including a recent Rs800 billion payout — the underlying debt…

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Oil prices ease on surprise build in US crude stockpiles

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oil

NEW YORK: Oil prices eased about 1percent to a two-week low on Thursday on a surprise build in US crude inventories last week and expectations that OPEC+ producers will increase output targets at a meeting this weekend. Brent crude futures fell 67 cents, or 1.0percent, to USD66.93 a barrel at 12:05 p.m. EDT (1603 GMT), while US West Texas Intermediate (WTI) crude fell 59 cents, or 0.9percent, to USD63.38. That put Brent on track for its lowest close since August 20. The US Energy Information Administration said energy firms added…

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Oil heads for weekly loss as higher supply expected

Admin

LONDON: Oil extended its decline into a third session on Friday, heading for a weekly loss for the first time in three weeks as expectations grow of higher supply and a surprise increase in U.S. crude inventories added to demand concerns. Reuters reported on Wednesday that the eight members of OPEC+ will consider raising production further at a meeting on Sunday. US crude inventories rose 2.4 million barrels last week, rather than falling as analysts expected. Brent crude futures fell $1.33, or 1.99%, to $65.66 a barrel by 1323 GMT, while…

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Trump’s wind war clouds Orsted’s $9.4 billion survival plan

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power

COPENHAGEN: Danish offshore wind developer Orsted cut its 2025 profit outlook on Friday, just hours before it is poised to secure shareholder approval for a $9.4 billion emergency rights issue as it seeks to avert a looming credit downgrade. Once celebrated as a trailblazer in offshore wind, the state-controlled group now finds itself in dire straits, grappling with industry-wide challenges as risks pile up on its U.S. projects due to President Donald Trump’s opposition to wind power. Adding to its troubles, low wind speeds in July and August and a…

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Indian Oil skips US crude, buys Nigerian, Mideast oil via tender, say sourcesIndian Oil skips US crude, buys Nigerian, Mideast oil via tender, say sources

Admin

NEW DELHI/SINGAPORE: Top Indian refiner Indian Oil Corp skipped the purchase of U.S. oil in its latest tender and instead bought 2 million barrels of West African and a million barrels of Middle Eastern grade, trade sources said on Friday. The state refiner also bought one million barrels each of Nigerian oil grades Agbami and Usan from French oil major TotalEnergy, and another million barrels of Abu Dhabi’s Das crude from Shell, the people said. Nigerian oil has been bought on free-on-board basis and Das has been purchsed on a delivered basis…

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