Year: 2020

Faltering Oil Demand Is Wreaking Havoc On The Tanker Industry

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Tanker owners had a blast in the spring: nations around the world went into lockdown, oil demand slumped, and hundreds of millions of barrels of excessive supply had to be stashed somewhere—offshore. Now, tanker rates are plummeting, and while industry insiders believe there is a light at the end of the tunnel, it is a long tunnel. The tanker market is in “cash burn mode”, said the chief executive of Diamond S Shipping, as quoted by Lloyd’s List. The amount of oil in floating storage has fallen significantly since this…

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Pakistan Stream Gas Pipeline Project: Pak-Russia Strategic Partnership

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Flagship project of Pak-Russia strategic partnership has been inked last week when a deal was signed for laying the Pakistan Stream Gas Pipeline (PSGP), formerly known as North South Gas Pipeline. Since indigenously produced natural gas contributes only 38% to Pakistan’s energy supply, huge shortfall is bridged by importing gas, especially during demand peaks in winter. Global paradigm is shifting from unipolar era to multipolar scenario. Coming a long way from foes of Cold War to friends of today, Pakistan and Russia have entered into a mutually-beneficial relationship. The project…

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Supreme Petroleum Council Announces New Oil Discovery Of 22 Billion Barrels Of Non-conventional, Recoverable Crude Oil In Emirate Of Abu Dhabi

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ABU DHABI, (UrduPoint / Pakistan Point News / WAM – 22nd Nov, 2020) The Supreme Petroleum Council (SPC) announced today the discovery of substantial recoverable unconventional oil resources located onshore, estimated at 22 billion stock tank barrels (STB), and an increase in conventional oil reserves of 2 billion STB in the Emirate of Abu Dhabi. The announcements were made following the SPC meeting presided over by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the United Arab Emirates (UAE) Armed Forces and Vice-Chairman of the SPC. At the meeting, the SPC approved ADNOC’s capital expenditure…

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SBP announces monetary policy, keeps rate unchanged at 7%

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The State Bank of Pakistan (SBP) announced its bi-monthly monetary policy on Monday and decided to maintain its policy rate at 7%,  according to a statement issued by the bank. The Monetary Policy Committee (MPC) noted that since its last meeting in September 2020, domestic recovery has gradually gained traction in line with expectations for growth of slightly above 2% in the fiscal year 2021. The statement added that business sentiment has also improved in the country. Per the statement, the recent surge in COVID-19 cases across Pakistan, as well…

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Pakistan’s Oil Imports Fall By 24.56pc In Four Months

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Pakistan’s oil imports declined by 24.56 percent in first four months (July to October) of the current fiscal year, easing pressure on the country’s foreign exchange reserves. The country’s oil imports were recorded at $3.15 billion in July to October period of 2020-21 as compared to $4.18 billion in corresponding period of the last year, showing decline of 24.56 percent, according to the latest data of Pakistan Bureau of Statistics (PBS). The reduction in oil imports is helping in easing pressure on the country’s foreign exchange reserves. The total liquid…

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