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…
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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…
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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…
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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…
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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…
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Despite the federal government’s intervention, commercial banks remain reluctant to increase the credit limits of oil marketing companies (OMCs) spurred by Hascol’s Rs54 billion default, which might trigger a country-wide fuel shortage. The hesitance on part of commercial banks to increase the credit line would certainly serve nothing, but expose the country to massive shortage of POL products, particularly high…
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With the increase in global prices of oil and gas amid the Russia-Ukraine War, Pakistan could be adversely impacted leading to devaluation of the country’s currency, increasing current account deficit and spiking inflation, say experts. The economic sanctions imposed on Russia may also derail other initiatives underconsideration between Russia and Pakistan as part of ‘Cooperation Roadmap 2021-26’. This will affect…
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The Economic Coordination Committee (ECC) is all set to approve opening of Revolving Account (RA) of Rs 50 billion for Independent Power Producers (IPPs) established under China Pakistan Economic Corridor (CPEC), well informed sources in Power Division told Business Recorder. The government had approved an amount of Rs 100 billion to clear some overdue receivables of CPEC IPPs – an amount…
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Petroleum product prices have been reduced by the government despite rising international prices, which first crossed $100 per barrel mark and have now approached $130. The issue has been compounded by the Ukraine conflict. In Pakistan, petroleum prices have been and are the lowest in the region. Petroleum product prices have been reduced by Rs10 per litre. Gasoline and diesel…
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