Month: March 2020

The IEA Oil Market Report (OMR) is one of the world’s most authoritative and timely sources of data, forecasts and analysis on the global oil market – including detailed statistics and commentary on oil supply, demand, inventories, prices and refining activity, as well as oil trade for IEA and selected non-IEA countries. Highlights In the past few weeks, Covid-19 (coronavirus) has gone from being a Chinese health crisis to a global health emergency. While China has taken strong measures in response to the outbreak, the situation appears to be worsening…

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KARACHI: The country on Saturday appeared to be moving towards a lockdown given the severity of the spread of the novel coronavirus. Hours after the Punjab government announced a lockdown in the province from Saturday night till Tuesday morning, the Sindh government also decided in principle to follow suit, and an announcement in this regard is expected on Sunday (today), sources said. The option of lockdown was discussed in a civil-military huddle at the Governor House in Karachi. “The coronavirus pandemic is very serious, which can create Iran- and Italy-like situations…

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Private Power and Infrastructure Board (PPIB) is reportedly facing stiff resistance from the Finance Division on “wished” risk coverage to the Chinese company, which is establishing Kohala Hydropower Project under the CPEC, well-informed sources in the PPIB told Business Recorder. The Power Division tabled the summary, which was returned by the Prime Minister’s Advisor on Finance, Dr Abdul Hafeez Shaikh saying that comments of other stakeholders be obtained prior to submission to the ECC. The PPIB Managing Director, Shahjahan Mirza, who is supervising the entire process, held a meeting in the Power…

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Traders, grocery stores and pharmacies across Karachi have reached consensus that they have enough supplies for the city if shopping stays normal amid the coronavirus self-isolation term. They warned, however, that if people start hoarding groceries and panic they will upset the demand-supply equation. “For God’s sake, stop hoarding flour,” said Karachi Atta Chakki Association head Anis Shahid. “We have enough to provide for the city if people act rationally.” He said that Karachi’s monthly demand was roughly 25,000 metric tons which can be met. “People buying 200 bags of…

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The global offshore wind industry installed a record 6.1GW of new capacity in 2019, bringing the total capacity to 29GW, according to the latest report by the Global Wind Energy Council (GWEC). The 6.1GW of new capacity in 2019 represents a 35.5% increase compared to the previous year, which saw 4.5GW installed. Europe remained the largest market for offshore wind, accounting for 59% of new installations, while the Asia-Pacific region accounted for the remaining 41%. The report writes that China remains the overall leader in new installations, adding more than 2.3GW…

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