U.S. Commercial Crude Oil Stocks Hit Record High

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…

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To end loadshedding PSO opens bids tomorrow for furnace oil import to generate power

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…

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2020 Will Be A Brutal Year For Coal

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…

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Pakistan finally adopts int’l safety standards for vehicles

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…

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US to join summit on global green recovery from Covid-19 Crisis

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…

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Explained: Why India is producing less and less oil

India’s crude oil production fell 7.1% in May 2020 compared to May 2019 on the back of low demand due to the Covid-19 pandemic. Domestic production of crude has, however, been falling every year since FY 2012. Annual crude oil production has fallen at a compounded annual rate of 2.1% since to 32,169.3 thousand Metric Tonnes (TMT) in FY 2020 from 38,089.7 TMT in FY 2012. This has led to a steady climb in the proportion of imports in domestic crude oil consumption from 81.8% in 2012 to 87.6% in 2020. Why…

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Restaurants And Bars Across The US Are Re-Closing Due To Coronavirus Surge

The pandemic has presented an unprecedented challenge to the global economy. But to restaurants and bars the threat is nothing short of existential. A recent survey released by Yelp queried some 24,000 establishments that had shuttered during the coronavirus lockdown. Shockingly, it found that more than half—a full 53%—will be shuttered permanently. Things were looking a touch more promising in early June, when most states across the country began a measured reopen of restaurants and bars. But an alarming surge in new cases prompted large states like Texas and Florida to reassess.…

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Why Pakistan is a big factor in China’s border clashes with India

When Indian and Chinese troops started throwing rocks at each other in a fatal skirmish in the Galwan Valley earlier this month, the incident appeared to be yet another outbreak in hostilities over an ill-defined Himalayan border between the two countries. Tensions between China and India over the border go back decades and erupted into war in 1962. But observers say that this time the main driver of the conflict was not the line dividing the two players but wider strategic interests involving a third country – China’s “iron brother” Pakistan.…

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India opens one of the world’s largest hospitals to fight coronavirus

India has opened one of the largest hospitals in the world to help fight coronavirus, as health authorities announced the country’s biggest one-day increase in the number of new infections.The Sardar Patel COVID Care Centre, the largest facility of its kind in India, became partly operational on Sunday, with 2,000 of its 10,000 beds available, according to the Delhi government.The remaining 8,000 beds at the facility, which is located in the Chattarpur area of Delhi, will be in use from Wednesday.India’s Home Minister Amit Shah and Delhi’s Chief Minister Arvind Kejriwal visited the…

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New coal power plants increasing financial burden of Pakistan: Report

Power shortages in Pakistan tend to be due to grid issues rather than a lack of generation capacity,” said Simon Nicholas, energy finance analyst at the Institute for Energy Economics and Financial Analysis (IEEFA). With the demand for electricity growth slowing, Pakistan is faced with the increasing financial burden of power capacity payments and overcapacity risk at a time when renewables are the cheapest source of energy available, finds the Institute for Energy Economics and Financial Analysis (IEEFA) in its latest report. Two more Chinese-financed coal-fired plants have reached financial…

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