Month: May 2020

Oil turns positive as Saudi Arabia says it will reduce output further

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Oil prices reversed gains and turned positive on Monday after Saudi Arabia’s energy minister said the kingdom aims to provide additional voluntary cuts in an effort to support global markets. Brent crude futures gained 26 cents to trade at $31.23 per barrel, U.S. West Texas Intermediate crude futures gained 43 cents to trade at $25.18 per barrel. Gains were capped, however, as concerns over a persistent glut and economic gloom caused by the coronavirus pandemic combined to cancel out support from supply cuts at some of the world’s top producers.…

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U.S. drillers cut oil & gas rigs to historic low -Baker Hughes

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The number of operating oil and natural gas rigs fell to an all-time low – reflecting data going back 80 years – as the energy industry slashes output and spending to deal with the coronavirus-led crash in fuel demand. The rig count, an early indicator of future output, fell by 34 to a record low of 374 in the week to May 8, according to data on Friday from energy services firm Baker Hughes Co going back to 1940. The prior all-time low was 404 rigs in May 2016. Fuel…

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Pakistan:Economic losses estimated to exceed US$4bn by 30 June

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Pakistan is expected to record a loss of over PKR628bn ($4bn) by the end of the current financial year, which is 30 June 2020, as a result of the adverse impact of the coronavirus pandemic on the economy, according to a report prepared by the sub-committee of the National Coordination Committee (NCC). The report “COVID-19: Preliminary Macroeconomic and Socioeconomic Assessment” said almost all the sectors of the country would suffer a loss due to lack of human and business activity, reported Pakistan Today. Giving a breakdown of the losses, the report…

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Centre fails to pay KP Rs70m for Machai electricity

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PESHAWAR: Despite completion of 2.6megawatt Machai Hydel Power Project (MHPP) three and half years ago, the Khyber Pakhtunkhwa (KP) government has provided more than 13 million units of electricity to the national grid without receiving payment and striking agreement with the National Electric Power Regulatory Authority (NEPRA). The province is experiencing power cuts and facing severe financial constraints despite spending Rs683.50 million on the construction of the power project. The provincial government had inaugurated Machai Hydro Power Station in Mardan in November 2017 after it formally started production and contributing electricity…

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Govt considering buying oil in advance to benefit from global prices

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ISLAMABAD: The federal government is considering taking benefit of the decline in global oil prices by purchasing the oil in advance and in this regard the Ministry of Energy (MoE) has sought an approval of the cabinet’s Economic Coordination Committee (ECC). According to sources, owing to a decline in oil prices in the international market in the wake of the coronavirus lockowns, MoE wants to purchase oil in advance for one or two years. They said the ministries of Energy and Finance have worked jointly during the last one month to…

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