Oil production in Libya has already exceeded 1.2 million barrels per day (bpd), a source in Libya’s oil industry told Reuters on Friday, while this faster-than-expected output resumption could give OPEC+ yet another reason to reconsider its current plan to ease the ongoing cuts by 2 million bpd from January. Libya’s oil production has now reached 1.215 million bpd, the…
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Michigan’s Governor Gretchen Whitmer and the director of the state’s Department of Natural Resources have revoked Enbridge’s easement for the operation of the twin Line 5 pipeline, citing repeated violations of the easement and the need to protect the Great Lakes. “The state is revoking the easement for violation of the public trust doctrine, given the unreasonable risk that continued…
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Natural gas inventories in the United States ended the injection season between April and October 2020 close to the all-time high from 2016, the Energy Information Administration (EIA) said on Monday. At the end of the refill season—which is April 1 to October 31—the amount of working natural gas in storage stood at 3,920 billion cubic feet (Bcf), close to…
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Saudi Arabia’s oil giant Aramco plans to issue U.S.-denominated bonds, with the exact amount subject to market conditions, the world’s largest oil-producing company said on Monday, as it has doubled down on paying huge dividends amid profit slumps. Citi, Goldman Sachs International, HSBC, J.P. Morgan, Morgan Stanley, and NCB Capital will be underwriters of the upcoming bond issue, which will…
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The OPEC+ group complied 101 percent with the oil production cuts in October, keeping a high level of conformity ahead of the crucial meetings over the next two weeks, which will decide if the alliance will reverse course on easing the cuts given the worsening demand outlook. The compliance last month has been estimated at 101 percent, three sources at…
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There is also a proposal to develop a comprehensive and broad-based mineral index for determination of levies and taxes on the lines of recently launched National Coal Index. The objective of these changes is to attract more investments in the sector, including from foreign players. A clutch of proposals to reform the rules governing non-coal minerals will likely come under…
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ISLAMABAD: Both Russia and Pakistan are going to initiate the three days crucial talks from today (Monday) here in Islamabad on the much trumpeted North South Gas Pipeline Project (NSGPP) that has already been delayed by five years. Both the countries want to make this project a touchstone for paving more strategic relationships not only in economic, energy and industrial…
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The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has said that the growing circular debt in the power sector is a continued threat for the government’s recent move of cut in power tariff for SMEs. FPCCI President Mian Anjum Nisar, in a written statement issued here, appreciated the Economic Coordination Committee (ECC) of the Cabinet to form a…
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China can help in resolving the energy issues being faced by Pakistan and can provide muchdesired relief to the industrial, commercial and domestic sectors of the country, remarked Pakistan-China Joint Chamber of Commerce and Industry (PCJCCI) President SM Naveed. Speaking at the inauguration ceremony of Offline/ Online Pakistan China Industrial Expo 2020 on Friday, Naveed appreciated the Chinese businessmen working…
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The government has announced an incentive package for industrial consumers of electricity with the aim of reducing the cost of production and thus increasing industrial output, employment and exports. The industry has generally hailed it, although some suggestions for improvement have been made, and contradictions of small and medium enterprises (SMEs) vs large industries have surfaced, especially in the steel…
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