Year: 2020

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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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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Spot prices for liquefied natural gas (LNG) delivery in Asia jumped to a six-year high this week as lower-than-normal temperatures in key LNG importers and continued growth in China’s industrial activity boost demand. Spot LNG prices for January delivery have jumped to over $12 per million British thermal units (mmBtu) as a cold snap in parts of the major LNG importers Japan, China, and South Korea raises demand for electricity and heating. Moreover, China’s industrial output continued to grow in November, also boosting demand for power.The prices of LNG in…

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Energy companies BP, Eni, Equinor, Galp, Occidental, Repsol, Royal Dutch Shell and Total have announced they have agreed on six joint principles to drive their participation in the energy transition. The oil and gas sector has a great deal of work to do to decarbonise and as the drive to net zero picks up pace, there is simply no choice but to place climate ambitions at the centre of all strategic planning. Besides the pressure from the energy transition and the growth of renewables, stakeholders also are asking for more…

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The global oil and gas industry has faced difficult times before, but the situation it confronts in 2020 is unprecedented. The short-term outlook is complex, as the erosion of demand caused by the COVID-19 pandemic has staggered an already challenged industry. The medium- and long-term outlooks are also uncertain in the context of the pressures for decarbonization, structural changes in societal habits reducing energy intensity, and abundant energy supply availability. The industry may need to reinvent itself. When the industry encountered difficulties in the past, it was able to cut…

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