Day: January 21, 2020

The world’s newest oil frontier, Guyana, has officially shipped its very first batch of crude oil on Monday, according to TankerTrackers.com—a major oil-first for the South American country. The first batch of oil—a million barrels of Liza sweet crude oil—is currently on a Suezmax tanker Yannis P headed for the United States, Tanker Trackers said. The Liza field is co-owned by Hess Corp (NYSE: HES), China’s CNOOC, and operator ExxonMobil (NYSE: XOM)—who is the envy of all oil companies at the moment for 15 mouthwatering finds offshore Guyana. The project…

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Saudi Arabia’s economy is expected to grow by 1.9 percent this year, the International Monetary Fund (IMF) said on Monday, revising down its forecast of 2.2-percent growth from just three months ago, due to expected lower Saudi oil production as the Kingdom has pledged to overcomply with the OPEC+ oil production cuts. In its January update of the World Economic Outlook (WEO) from October, the IMF cut on Monday its economic growth projections for the global economy and that in the Middle East and Central Asia region. Economic growth in the Middle…

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Tough times are continuing for Alberta’s oil and gas country, with the amount of unpaid property taxes that oil and gas companies owe to Alberta towns has more than doubled over the course of just a year. The total tax debt outstanding? $173 million—a 114% increase from this time last year as the industry comes up short thanks to patches of huge gaps between the price of West Texas Intermediate and Western Canadian Select oil benchmarks, and production curtailments to producers in an attempt to keep that gap in check.…

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Barring a major lengthy supply disruption, Brent Crude prices will average US$62 a barrel in May, lower than the current price, as the geopolitical risk premium gradually decreases in the first half of 2020, the Energy Information Administration (EIA) said on Tuesday.   PauseUnmuteLoaded: 0%Progress: 0%Remaining Time -0:42Fullscreen Brent Crude prices were at US$64.26 early on Tuesday, down by 1.44 percent on the day, while WTI Crude traded at US$57.89, down 1.18 percent, as the market largely shrugged off a major supply disruption in Libya, where port blockades have suspended nearly all of Libya’s oil production. Although the…

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Karachi 22 October: ‘Youth can become catalysts of change and help conserve the diminishing wildlife species of Pakistan and their habitats. As future custodians of the country’s natural resources, they have the responsibility to support efforts to combat illegal wildlife trade and improve wildlife population’. This was stated by speakers during a seminar organised by WWF-Pakistan in collaboration with United Nations Association of Pakistan (UNAP) at Habib University, Karachi. The role of youth, the speakers added, is of prime importance to minimise the threat of illegal wildlife trafficking, especially at the…

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WASHINGTON, September 20, 2018—Without urgent action, global waste will increase by 70 percent on current levels by 2050, according to the World Bank’s new What a Waste 2.0:  A Global Snapshot of Solid Waste Management to 2050report. Driven by rapid urbanization and growing populations, global annual waste generation is expected to jump to 3.4 billion tonnes over the next 30 years, up from 2.01 billion tonnes in 2016, the report finds. Although they only account for 16 percent of the world’s population, high-income countries combined are generating more than one-third (34 percent)…

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For some reason, there is a lot of apprehension against introducing more renewable energy sources in Pakistan. Pakistan’s new Alternative and Renewable Energy Policy (ARE Policy) has been underway for more than a year, and it has encountered stiff resistance. This is counter-intuitive: statistics tell us that globally performing economies are the ones transitioning fastest to renewable electricity production. Other countries are transitioning at a much slower pace, and this group includes Pakistan. The worst part is that renewable transition will make the already strong economies even stronger, and by…

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