OPEC’s Oil Production Drops As Cartel Undershoots Target Again

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OPEC’s crude oil production fell in June compared to May, due to outages in Libya and Nigeria, and the 10 cartel producers bound by the OPEC+ pact lifted their combined production by just 20,000 barrels per day (bpd) last month, the monthly Reuters survey showed on Friday. OPEC’s all 13 members—including Libya, Iran, and Venezuela that are exempted from the pact—saw their…

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Libya Declares Force Majeure On Oil Exports

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Libya’s National Oil Corporation (NOC) declared force majeure on crude exports from its oil terminals amid continued blockades of production and ports, which have severely crippled Libya’s oil exports. The force majeure comes after weeks of protests and closures amid the new rift in Libya’s political class over who should be governing the country. The most recent rivalry is between…

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Baltic States Ready If Russia Cuts Off Access To Power Grid

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The three Baltic states, in coordination with the European Union, are ready to switch off from the Russian power grid in an emergency, three years before the planned switch, Reuters reported on Friday, quoting sources with knowledge of the matter. EU member states Latvia, Lithuania, and Estonia are still connected to the Russian power grid, but EU members—especially those Baltic…

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Peter Rae re-elected as WWEA President – WWEA Board has broadened its representation

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The General Assembly of the World Wind Energy Association has re-elected Hon. Peter Rae AO (Australia) for a another term as WWEA President. The WWEA General Assembly took place in Rimini/Italy, on the occasion of the 20th World Wind Energy Conference WWEC2022. WWEA President Peter Rae: “I am grateful that the WWEA members have expressed their confidence in me by electing…

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Govt to exploit hydrocarbon resources

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Minister of State for Petroleum Dr Musadik Malik on Friday said the government was committed to exploiting indigenous hydrocarbon resources for achieving self-sustenance in the energy sector. Addressing a news conference, he said a plan was being devised to provide effective package of incentives to both local and foreign exploration and production (E&P) companies to step up drilling activities in…

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Pakistan top destination of waste import

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The Senate Standing Committee on Climate Change on Thursday was left baffled when it learnt that the United Kingdom, Iran, United Arab Emirates, Saudi Arabia, United States of America, Belgium, Germany, Spain, Canada and Italy, were the top-10 countries, respectively, exporting waste to Pakistan. The committee was shocked to see the names of some of the friendly countries as well…

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LPG prices increased

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After increasing petrol and diesel prices, the government on Friday also raised the liquefied petroleum gas (LPG) rates by Rs2 per kg for the current month, according to a notification issued by the Oil and Gas Regulatory Authority. The LPG Distributors Association said the price now jumped to Rs220 per kg from Rs218. The domestic LPG cylinder will now cost…

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Energy prices to rise until year-end, ministers warn

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The government on Friday said the energy prices will keep increasing for the next three to four months because of ‘landmines laid by Imran Khan’ and then start a downward trend in November–December this year. Speaking at separate news conferences here, energy ministers – Khurram Dastgir and Musadik Malik – on Friday said the previous government had tied their hands…

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Engro Fertilizers issues esg report

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Engro Fertilizers issued a sustainability report on Friday highlighting the company’s progress toward environmental stewardship, social responsibility, and governance (ESG) goals. The report is based on Global Reporting Initiative (GRI) Standards and has been externally validated by an independent certification agency, the company said. It covers how core values and governance model of Engro Fertilizers incorporate sustainable practices into its…

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Has OPEC+ Reached Peak Production Capacity?

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The production pact OPEC+ struck in April 2020 is set to end a month earlier than initially planned, in August 2022. The oil-producing group, however, is already facing its next dilemma—it has been facing it since the alliance’s key member, Russia, invaded Ukraine in February, sending oil prices above $100 a barrel.     The war premium and the sanctions and bans…

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