Day: March 15, 2022

Global diesel shortage raises risk of oil price spike

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Global stocks of diesel and other middle distillates have fallen to the lowest seasonal level since 2008, when similar shortages of these transport and industrial fuels helped to propel oil prices to a record high. Distillate fuel oil inventories in the United States are 30 million barrels (21%) below the pre-pandemic five-year seasonal average and at the lowest level since 2005, the U.S. Energy Information Administration said. Stocks in Europe are 35 million barrels (8%) below the pre-pandemic five-year average at the lowest level since 2008, Euroilstock, which compiles inventory…

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Oil concerns give Iran the upper hand in nuclear talks: Lawmakers

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Tehran, Iran – Iran should use the opportunity provided by instability in the global energy markets and push its demands in nuclear talks in Vienna, a majority of Iranian lawmakers have suggested. A statement signed by 160 of Iran’s 290 members of parliament was read out publicly on Sunday. It said Tehran should not bind itself by “fabricated deadlines” by the West and push for its demands in the talks in the Austrian capital. Now that the Ukraine crisis has increased the West’s need for the Iranian energy sector, the…

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White House faces oil standoff with Saudi Arabia and UAE as prices soar

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Joe Biden’s hardline stance on Russia has won him widespread plaudits, but with the most serious oil shock in decades now a reality, the US president’s attempt to cushion the blowback continues to meet resistance from the two allies he needs most. Saudi Arabia’s de facto leader, Mohammed bin Salman, and his counterpart in the United Arab Emirates, Mohammed bin Zayed, are yet to agree to a phone call with the west’s most powerful man – a scenario all but unthinkable during previous administrations. Biden’s immediate priority is for both…

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PSO communicates inability to import petroleum products for OMCs

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Pakistan State Oil (PSO) has expressed its inability to ensure the import of petroleum products for other Oil Marketing Companies (OMCs) in the country. PSO General Manager (Supply), Asad Faiz, in a letter to the Ministry of Energy (Petroleum Division), has raised voice against OGRA for suggesting it (PSO) to import petroleum products for other Oil Marketing Companies (OMCs).  He said that PSO currently has only one fuel supply contract under a government-to-government (G2G) arrangement with Kuwait Petroleum Corporation (KPC) for supplies of HSD and the contractual volumes with KPC are…

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Pakistan to face greater climate impacts: report

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Intergovernmental Panel on Climate Change (IPCC), UN body, has revealed that Pakistan would face greater consequences of climate change in coming decades in rural and urban areas. The findings were carried by Resilient Future International (Pvt) Ltd (RFI), an Islamabad-based research and training outfit, in its Sixth IPCC Report on ‘Impacts, adaptation and vulnerability.’ The report shares the most advanced compendium of current and future climatic impacts in the world. Nearly 1,000 authors reviewed 34 thousand scientific reports in 6-7 years to prepare this report approved by 195 governments worldwide.…

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