Oil Prices Plunge 5% As Demand Fears Intensify

Oil prices plummeted early on Wednesday, with Brent falling below $40 a barrel, dragged down by estimates of a surge in U.S. inventories and the surge in coronavirus cases in the United States and Europe. As of 9:44 a.m. EDT on Wednesday, before the EIA inventory report, WTI Crude was down by 5.66 percent at $37.33, and Brent Crude prices were dropping by 4.85 percent at $39.19, after the American Petroleum Institute (API) reported on Tuesday a bigger build than expected in crude oil inventories of 4.577 million barrels for…

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Why U.S. Residential Heating Oil Prices Slumped By 28% This Season

U.S. residential heating oil prices at the start of the winter heating season are 28 percent lower than in the previous heating season due to lower crude oil prices and high inventories of distillates in the United States, the Energy Information Administration (EIA) said on Tuesday. The 28-percent drop in heating oil prices at the start of the winter season is the biggest price decrease between the start of two seasons since October 2015, according to EIA’s Heating Oil and Propane Update (HOPU). Distillate heating oil is the primary home…

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Tesla Launches UK Energy Plan With Low Power Rates

Tesla is offering its Tesla Energy Plan in the UK designed for homes with solar and Powerwall that will turn them into virtual power plants to produce clean energy. The Tesla Energy Plan is an energy tariff for homes with solar and Powerwall installed, which could provide to customers savings of up to 75 percent compared to the electricity tariffs of the biggest UK power providers, based on electricity consumption of 8,000 kWh/year, Tesla says on its UK website. Customers are eligible for Tesla’s tariff if they own a Tesla…

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Washington Greenlights Conoco Oil Project In Alaska

The Bureau of Land Management approved a ConocoPhillips-led oil exploration project in Alaska, which could yield some 160,000 barrels of crude daily when it becomes operational, the BLM said. “President Trump made his administration focus on American energy independence and the freedom it provides from day one of his term,” Secretary of the Interior David Bernhardt said in the news release. “This decision will make a significant contribution to keeping oil flowing down the 800-mile Trans Alaska Pipeline decades into the future while delivering federal and state revenue as well…

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China Launches Construction Of Huge $20 Billion Refinery Complex

China has launched the construction of a refinery and petrochemical complex worth US$20 billion in the Shandong province, the home of the independent Chinese refiners, Reuters reports, citing a local state newspaper. Earlier this year, China gave the go-ahead to plans for the colossal refinery and petrochemical complex Yulong, which will include a refinery with a crude processing capacity of 400,000 barrels per day (bpd) and an ethylene plant producing 3 million tons per year. According to sources who spoke to Reuters in June, the investment in the project would…

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Philippines Is Getting Ready To Drill For Oil And Gas

At a time when the second wave of coronavirus is decimating the world economy, when the Caucasus is smouldering from the consequences of the Karabakh issue and all the protracted Middle Eastern conflicts are continuing to drag the region into political obsolescence, the last thing we needed was a flareup with regard to the South China Sea. Territorial disputes in China’s maritime underbelly are by no means a novelty – just think of the Paracel and Spratly Islands or the Scarborough shoal, China has managed to have simultaneous arguments with…

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CPEC investor China Three Gorges to list subsidiary on PSX

LAHORE: China Three Gorges South Asia Investment Limited (CSAIL) is planning to list its subsidiary, renewable energy company Three Gorges First (TGF) Wind Farm Private (Pvt) Limited (Ltd), on Pakistan Stock Exchange (PSX) by the second quarter of 2021, informed sources told Profit. This would be the first listing by a Chinese company on the PSX. Sources say that the listing of TGF would have been carried out in the second quarter of 2020, but owing to the Covid-19 pandemic and subsequent turmoil, the plans were moved forward. The company is now…

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Power Division objects to publication of inconclusive audit reports

ISLAMABAD: As the Auditor General of Pakistan (AGP) claimed to have made Rs177 billion recoveries in first quarter of the current fiscal year, the Power Division on Tuesday called into question the publication of audit reports before conclusive decision by the Public Accounts Committee (PAC). “The AGP made recoveries of Rs176.9bn during first quarter (July-September) of 2020-21”, said an official statement. The AGP said the recoveries from federal government departments stood at Rs176.3bn while that from provincial and district offices were recorded at Rs578.8 million. The highest recovery during the period under…

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Pakistan’s laudable achievements in nuclear technology

Pakistan is aware of the myriad benefits that come from exploring nuclear technology for power generation and has demonstrated a commitment to gradually diversify its energy production from fossil to nuclear sources. Atomic energy is not just about bombs that are dropped over cities and people, but it also has a potential for something positive for the mankind. There is a general lack of awareness when it comes to the massive potential of atomic energy in solving many of the mankind’s problems. Atom can be utilized in a whole range…

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PM likely to announce energy relief for industrial sector

ISLAMABAD: As the government has added to the industrialists’ problems by increasing the power tariff, PM Imran Khan may soon announce a relief in energy prices for the industrial sector.   The PM has assured the business community of a “good news” regarding power tariff, said industrialists who met with the prime minister on Wednesday.  “High energy prices increase the cost of production and makes the country uncompetitive globally. The incumbent government will soon come up with a package of cheap electricity for the industry so as to realise its true potential,” Wajid Bukhari, a…

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