Category: News & Announcement

Libya’s crude oil production topped 1 million bpd, the National Oil Corporation said this weekend, although it added this level of production may not be sustainable. “It is worth mentioning that the National Oil Corporation faces very big financial difficulties and a huge shortage of its budgets which led to accumulating of debts on the sector’s companies and significant delay for the salaries of its service companies,” the NOC said. “The National Oil Corporation asserts that it may not be able to sustain the current production levels and these levels…

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Citi revised down on Monday its outlook for the WTI Crude price for next year by $5 to $49 a barrel, citing the global spike in coronavirus cases that is set to impact oil demand. Citi Research also cut its estimate for Brent Crude by $5 a barrel to $54 per barrel, Reuters quoted the bank as saying in a note on Monday. Two months ago, Citi was expecting oil prices to recover to $60 a barrel by the end of next year as the oversupply will have been drawn down by then, as major investment banks and…

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The Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) announced disappointing results this week from its call for bids on offshore oil parcels, according to a press release. Of the 17 parcels offered up in the Eastern Newfoundland Region, only one received any bids—Parcel 9—for which the winning bidder, BP Canada Energy Group ULC, committed $27 million in exploration work. For the petroleum board—and for Canada in general—that must be a crushing disappointment. In contrast, 2018 saw bids totaling $1.3 billion in the province. But it’s not just this year that…

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President Donald Trump surprised many this week with the removal of Neil Chatterjee from the post of chairman of the Federal Energy Regulatory Commission. Chatterjee was replaced by the other Republican sitting member of the commission, James Danly. Chatterjee’s term was set to expire in June 2021, Axios reported, noting the chairman of FERC had said he intended to remain at his post until then. However, his departure might have been hastened by a policy statement that FERC issued in October. The statement concerns carbon pricing policies and encourages regional…

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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 inflation”.  Bukhari, however, added that there were still two major concerns that needed to be addressed and fine-tuned for the betterment of the economy.  He said that the classification of…

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