Day: November 9, 2021

Nearly a dozen Senate Democrats called on President Joe Biden on Monday to fight high gas prices by considering a release of barrels from the nation’s emergency oil stockpile, or even taking the more extreme step of banning oil exports. In the letter, Senators Elizabeth Warren, Sherrod Brown, Jack Reed and others warned that the seven-year high in gas prices has “placed an undue burden on families and small businesses trying to make ends meet.”“In light of these pressing concerns, we ask that you consider all tools available at your…

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China ramped up its daily coal production to a new high of 11.93 million tonnes as part of the ongoing efforts to resolve the energy crisis in the country, the National Development and Reform Commission (NDRC) of China said on Monday. “Since October this year, coal mining has continued to grow. From November 1-5, the average daily coal production reached 11.66 million tonnes, which is 1.2 million tonnes more than at the end of September. A peak of 11.93 million tonnes was reached, which has become a record high in…

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Intended deals at the 4th China International Import Expo (CIIE) on energy products will increase by 22 percent from last year’s event, while intended deals for liquefied natural gas (LNG) will double, according to a senior Chinese official. Ren Hongbin, vice chairman of the State-Owned Assets Supervision and Administration Commission (SASAC), called on state-owned enterprises (SOEs) to take the initiative to secure China’s energy supply and expand international energy cooperation by using the CIIE platform to diversify energy supply sources. Ren revealed that the value of intended contracts of traditional…

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Electricity tariffs for the domestic consumers are going dearer by more than what was earlier suggested. The increase approved by Nepra, awaiting government notification is Rs1.68 per unit in the newly announced unprotected consumer category. Recall that lifeline consumer definition has now been expanded from 50 units to 100 units. And the protected category now also included consumers using up to 200 units a month – but with the qualification of maximum monthly usage of under 200 units for six straight months. In contrast to what was communicated earlier, Nepra’s…

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There continues to be a hiatus in the finalization of the sixth review of the IMF Extended Fund Facility to Pakistan. The Pakistan economic team, led by the Finance Minister arrived in Washington on the 4th of October and negotiations for completion of the review and the setting of targets and reform agenda for subsequent reviews continued till the 23rd of October. The Pakistan team has since returned to Pakistan and talks continue. This is already the longest period taken to finalize a quarterly review in the twenty-two IMF programmes…

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