European governments have been racking their brains to come up with a realistic way of reducing energy consumption with a sharp and quite understandable focus on natural gas. But now, a group of NGOs is proposing cutting oil consumption by as much as a third. And it believes it can be done quickly. Transport & Environment, or rather, the European…
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Despite raising its crude oil production in July by 500,000 barrels per day, the OPEC+ group was still well below its collective quota, pumping 2.75 million bpd below targeted output, an Argus survey found on Wednesday. OPEC+ saw its combined crude oil production at 38.70 million bpd last month, with Saudi Arabia, OPEC’s top producer and de facto leader, raising…
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Rates for mid-sized oil tankers sailing from the U.S. Gulf of Mexico to Europe hit the $57,000-per-day level this week, a figure representing a 12X increase since January and a two-year high, according to Bloomberg citing Aframax vessel data. The dramatic increase in shipping rates from the U.S. to Europe reflects a shortage of vessels and a diversion of product…
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National Forum for Environment and Health (NFEH) with association of Sindh Government is holding National Conference on “Waste Management Challenges and Opportunities” on August 16 at local hotel Karachi. This was announced by President Naeem Qureshi in the meeting of NFEH Advisory Committee held at NFEH Office. Naeem Qureshi said conference and colorful award ceremony will be held on August…
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The supply of Russian oil to three European countries through Ukraine has been halted as the transit payment cannot be processed due to sanctions, Russian firm Transneft said. “On August 4, the delivery of Russian oil via the territory of Ukraine was halted,” the oil pipeline operator said in a statement, adding that this had affected deliveries to Hungary, Slovakia…
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Nearly two years after Turkey halted offshore gas explorations in contested waters in the eastern Mediterranean, a Turkish drillship has departed from the port of Mersin to search for gas in the region. The Abdullhamid Han drillship set sail on Tuesday with the blessing of President Recep Tayyip Erdogan, who said that the ship would operate 55km (34.2 miles) off…
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This article is the fifth in a series on the BP Statistical Review of World Energy 2022. The Review provides a comprehensive picture of supply and demand for major energy sources on a country-level basis. Previous articles covered overall energy consumption, carbon dioxide emissions, petroleum supply and demand, and global natural gas trends Fossil fuels are primarily composed of carbon…
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Investors are wary of Pakistan’s default on Sri Lanka as the South Asian country grapples with rising commodity prices and tighter credit conditions. Pakistan’s foreign bonds maturing in 2024, 2025 and 2026 are trading briskly in distressed territory, according to Bloomberg data, at about 71, 65 and 63 cents per dollar, respectively. The country’s debt was one of the worst-performing…
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Pakistan’s finance minister said the government has taken steps that will put the country on the right track and help the South Asian nation avoid an economic collapse. But that will cause pain for its people, he added. The country is desperately fighting for its survival as the recent rise in commodity and energy prices have exacerbated its debt problems.…
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Prime Minister Shehbaz Sharif Tuesday exchanged views on matters of common interest with UAE President Sheikh Mohamed bin Zayed Al Nahyan during a telephone call. The two leaders review the progress and resolved to further strengthen ties while recalling the decisions taken during the visit of PM Shehbaz to the UAE in April 2022. According to a statement released by…
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