Month: March 2022

Pakistan Struggling to Buy Enough Diesel Due to Global Crunch

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Pakistan is finding it difficult to obtain diesel from international markets due to a supply crunch created by the Russia-Ukraine conflict, reported Bloomberg. While merchants are exploring avenues to import diesel from Europe, Pakistan State Oil (PSO) is struggling to stock additional diesel from its key source, Kuwait Petroleum Corp (KPC). It had sought extra diesel from KPC and purchased cargoes on the spot market, according to a spokesman for the retailer. The spokesperson told Bloomberg that the “product is flowing west,” and there is a need to diversify foreign…

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Russia invasion of Ukraine is physical war limited to the region.

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US/EU and Russia are fighting and Economic War which is global. This war is focused on Fossil fuels which Pakistan is a net importer. We are heavily dependent on imported energy Oil Gas and Coal. Pakistan need energy plan based on economic and strategic considerations at earliest. Possible Solutions: 1- We need to rationalize the Natural Gas Prices. (Full cost recovery model) 2- The narrative of natural gas as a bridge fuel for energy transition is no more valid as Russian tanks have destroyed the bridge. Even EU will move…

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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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