Day: March 4, 2022

Saudis Could Hike Prices For Their Oil To Highest Spreads On Record

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Saudi Arabia, the world’s largest oil exporter, could raise its official selling prices for Asia for April to the highest differentials to benchmarks on record, as buyers scramble to secure additional crude from the Middle East amid toxic Russian cargoes after Putin’s invasion of Ukraine. The Saudis are expected to raise significantly their official selling prices (OSPs), and Arab Light—the Kingdom’s flagship grade—could see its price for Asia next month at as much as $4.50 per barrel over the Oman/Dubai average, which would be a record high differential, three of…

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Europe eyes costly options to live without Russian natural gas

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Western European nations are scrambling for ways to live without Russian natural gas, bracing for the possibility that either the Kremlin switches off the taps or political pressure for tighter sanctions erupts into a full energy embargo. With Russian troops advancing into Ukraine, European Union governments are concerned that the source of 40% of the region’s gas could either be interrupted in the fighting or by economic measures to contain Russian President Vladimir Putin. “We need to wean ourselves of the dependency on Russian gas and oil and we need…

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CNG Stations To Remain Close For Three Days In Sindh

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cng-stations

Sui Southern Gas Company (SSGC) has announced to shut down CNG stations in the province for three days in the ongoing week, ARY NEWS reported. According to an announcement from the SSGC, the CNG stations have been shut down for 72 hours in the ongoing week. There will be no CNG available for 72 hours from Friday to Monday, the company said and added that the stations will remain shut from 8:00 am on Friday to 8:00 am on Monday. It further shared that the decision was taken in wake…

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Pakistan secures 10 LNG cargoes at cost of $14.5 mmbtu

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The country has purchased around 10 liquefied natural gas (LNG) cargoes at a weighted average cost of $14.5 mmbtu (Metric Million British Thermal Units) for the current month, which is almost 75 percent less as compared to the existing rate of $60/mmbtu in the international spot market. Minister for Energy Hammad Azhar said this in a tweet on Thursday, adding: “LNG spot cargoes have touched $60/mmbtu in international markets”. “However Pakistan’s weighted average of 9-10 cargoes arriving in March is priced only at $14.5/mmbtu of long term and spot cargoes…

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Pakistan turns to expensive diesel on LNG supply crisis: Report

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As a major supply crunch of liquefied natural gas (LNG) looms amid Russia’s invasion of Ukraine, Pakistan is switching to expensive and dirty diesel fuel to generate electricity, Bloomberg has reported. Pakistan’s diesel-fired power generation surged to the highest level in at least seven years in January, while LNG-based output dropped to the lowest in almost two years, according to government data compiled by Arif Habib Ltd. It is prudent to note that the two fuels each generated about 7% of the South Asian country’s electricity in January. That’s bound…

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