Day: December 19, 2020

Coal Consumption Set to Jump In 2021

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Coal consumption is set for a rebound of 2.6 percent next year as the world’s heavy industry emerges from the pandemic crisis, the International Energy Agency said in its latest report on the fossil fuel. The forecast is, of course, based on the assumption that the global economy will begin to recover next year, which is far from certain. China’s and India’s recovery, however, has a higher degree of certainty—both countries are already on the mend. The IEA acknowledged this in its report, noting the rebound in coal consumption will be led…

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Trans Mountain Oil Pipeline Halts Work After Serious Injury

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Trans Mountain is halting construction work on the expansion of the oil pipeline in a voluntary safety stand-down of more than two weeks until January 4, the company said on Thursday, days after a worker was seriously injured. On Tuesday, an employee of a contractor working on the Trans Mountain Expansion Project at the Burnaby Terminal was seriously injured and remained in hospital in stable condition, the company said earlier this week. Trans Mountain, which carries crude oil from landlocked Alberta to the British Columbia coast, began last year work…

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China’s Top Refiner Sees Oil Product Demand Peak By 2025

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China’s largest refiner, Sinopec, expects domestic demand for oil products to peak by 2025 due to COVID impacts and the rise of electric vehicles, Argus reported on Friday, citing Sinopec’s research think-tank as saying in its annual report. “China’s oil products will enter a final growth phase before peaking in the next five years,” the Economics and Development Research Institute (EDRI) at Sinopec said, as carried by Argus. According to the research institute, gasoline demand in China will likely peak in 2025, while demand for diesel could peak as soon…

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A Looming Decision From The Fed Could Send Gold Soaring

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The Governing Council of the ECB met last week, announcing significant, dovish changes to its monetary policy . First of all, the ECB decided to increase the envelope of the pandemic emergency purchase program (PEPP) by €500 billion to a total of €1,850 billion. It also extended the horizon for net purchases under the PEPP to at least the end of March 2022. Second, the ECB decided to extend the reinvestment of principal payments from maturing securities purchased under the PEPP until at least the end of 2023. Third, the ECB eased the conditions…

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PIAF chairman rejects jump in oil prices

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The Pakistan Industrial and Traders Associations Front has rejected jump in prices of petroleum products for the second half of December 2020 despite the fact that Pakistan’s headline national inflation is still in high range of over 8 per cent, warning the authorities that inflation above 6 percent could hurt economic growth. In a joint statement with vice chairman Javed Siddiqi, Mian Nauman Kabir said that for the second half of Dec, the government increased the prices of petrol by Rs3/litre, diesel Rs3.01/litre, kerosene by Rs5/litre and Light Diesel Oil…

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