Year: 2020

Last week was devastating for Venezuela, its people and nearly collapsed oil industry. Oil production since the start of 2020 has fallen catastrophically to multi-decade lows, the extremely fragile economy continues to contract and poorly maintained infrastructure keeps failing. Washington is turning the screws on Maduro’s regime, imposing ever tighter sanctions aimed at isolating Caracas from economically crucial global energy and financial markets. The near implosion of Venezuela’s oil industry is evident from crude oil inventories rising at a savage clip. According to Bloomberg, for the three weeks from the…

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China plans to further increase oil and gas exploration and accelerate the construction of more oil and gas storage infrastructure, state news agency Xinhua reported on Tuesday. Last week, China’s Communist Party adopted the principles of the five-year development plan 2021-2025. China will also aim to build more oil and gas pipelines, according to its authorities. China has been looking to increase its energy security in recent years, including by increasing domestic oil and gas production and expanding its storage facilities. Over the past decade, China’s oil production has been…

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A 386,000-barrel-per-day (bpd) cut in Saudi Arabia’s crude oil shipments kept total seaborne exports of the OPEC+ group stable in October compared to September, although Russia boosted its seaborne exports by nearly 300,000 bpd, data from IHS Markit showed on Tuesday. Total OPEC+ crude oil exports by sea averaged 22.5 million bpd in October, slightly up from 22.37 million bpd in September, due to the large drop in Saudi shipments, as well as lower exports from Venezuela and continued low levels of exports from West African producers and OPEC members,…

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Islamabad Electric Supply Company (IESCO) on Tuesday issued a power suspension programme for Wednesday for various areas of its region due to necessary maintenance and routine development work. According to IESCO spokesman, the power supply of different feeders and grid stations would remain suspended for the period from 09:00 AM to 05:00 PM Padial, Gagan, Mahota Feeders, from 09:00 AM to 04:00 PM KSM-II, Al Qadir Mill, KSM-I, PAF, KSF-3, Al-Rizwan Mill, Millat Chowk Feeders, from 08:00 AM to 12:00 Noon Chrah, Pind Dadankhan, Kachehri, KS Mines, Duffer, Lilla, NCI,…

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