Day: June 29, 2020

The United States held a record-high level of commercial crude oil inventories as of the week to June 19 following the collapse in demand in the lockdown and the slow demand recovery after lockdowns were lifted, data from the Energy Information Administration (EIA) showed on Monday. In its latest Weekly Petroleum Status Report, the EIA reported a 1.4-million-barrel increase in crude oil inventories for the week to June 19. At 540.7 million barrels, U.S. crude oil inventories are still above the five-year average for this time of the year, and…

Read More

ISLAMABAD: With a view to wriggling Karachi—business capital of Pakistan out of crippling power outages and to avoid increasing loadshedding in Punjab, KP, Sindh and Balochistan, the state owned Pakistan State Oil (PSO) is all set to hold much awaited bids opening tomorrow (June 30, 2020) for import of furnace oil. And the furnace oil will be imported through Pakistan National Shipping Corporation (PNSC) ships and once the furnace oil is made available the ongoing loadshedding in Karachi in particular and other parts of the country in general will be…

Read More

As if the economic fallout from the novel coronavirus pandemic weren’t enough, a series of trade battles have redoubled the United States’ economic woes in recent weeks. Like everywhere else around the globe, the U.S. has seen a severe downturn in nearly every economic sector and soaring rates of unemployment as the country shut down in the face of COVID-19. But just when the nation has been reopening and it looked like the country’s economy was slowly beginning its long road to recovery, new politically driven troubles have arisen. This…

Read More

ISLAMABAD: Despite lacking the required facilities, Pakistan has finally adopted the international safety standard regulations to ensure that the vehicles being manufactured/assembled in the country meet the global standard. According to documents available with this scribe, Pakistan has ratified the United Nations treaty on “Adoption of Harmonized Technical Nations Regulations for Wheeled Vehicles, Equipment and Parts which can be fitted and/or used on Wheeled Vehicles and the Conditions for Reciprocal Recognition of Approvals Granted on the Basis of these UN Regulations, adopted at Geneva on 20 March 1958”. The agreement was…

Read More

The US is to join with other major powers including China, India and the EU in formulating plans for a global green recovery from the coronavirus crisis, in the only major international summit on the climate emergency this year. The idea of a green recovery to prevent a dangerous rebound in greenhouse gas emissions to above pre-Covid-19 levels has been gathering steam, but few governments have yet committed to plans. If they fail to do so in the next few months, the economic recovery from the Covid-19 crisis risks locking in high carbon…

Read More