The United States Congress voted overwhelmingly on Thursday to suspend normal trade relations with Russia and ban the importation of Russian oil, ratcheting up the US response to Russia’s invasion of Ukraine amid reports of atrocities by Russian forces. The measures now go to President Joe Biden to be signed into law. Action by the House of Representatives came quickly…
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In 1973, after the Yom Kippur war between Israel and a coalition of Arab countries, Middle Eastern oil producers declared an embargo on oil exports to the United States as punishment for its support of Israel. What followed was an energy crisis of epic proportions. According to Daniel Yergin, the current energy crisis could be worse. In the 1970s oil crisis, the…
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Japan plans to release 15 million barrels of oil from its petroleum reserves, including from the national oil reserves, as part of the International Energy Agency’s joint release, sources at the Ministry of Economy, Trade and Industry told S&P Global Commodity Insights April 7. Register Now It was still not clear about the timing and duration of the additional oil…
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In a new schedule, the Sui Southern Gas Company (SSGC) on Thursday announced to shut down CNG stations in the province for three days in the ongoing week. A spokesperson for the gas utility said that all the CNG stations would stay closed for 72 hours from 8am on April 8, Friday till 8am on April 11, Monday. According to…
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Khyber Pakhtunkhwa (KP) has urged the federal government to allocate a separate block of at least 3,000MW of candidate projects in the next iteration of IGCEP for hydropower projects at par with renewable energy schemes. The request was made by KP Chief Secretary Dr Shahzad Khan Bangash in a letter to Secretary Power, Syed Asif Hyder Shah. His letter is…
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Ministry of Energy on Thursday discussed fuel stocks position of power sector and directed concerned organizations to arrange required funds and ensure supply in April 2022, well informed sources told Business Recorder. The meeting was informed that electricity demand has increased by 45 per cent in April 2022 as compared to correspondent month of 2021, which has created fuel shortage in…
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The PTI (Pakistan Tehrik-e-Insaf) government decided to freeze petroleum and electricity prices in the end of February for four months. That decision is haunting today. The prices were brought down and frozen at a time when international oil prices were skyrocketing due to Russia’s invasion of Ukraine. Pakistan’s government could not afford the luxury of absorbing the subsidy. The demand…
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Pakistan is currently in the midst of political upheaval and economic uncertainties. It may appear odd that anyone would be interested at this juncture in reading about the long-term development path of the country. However, it must be emphatically submitted that in our pursuit of immediate and short-term relief and gratification we have been pursuing a band aid fix-it-now approach…
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The world’s largest offshore wind turbine maker, Siemens Gamesa, plans to speed up production by opening a facility that has the capability to manufacture all turbine components under one roof. The company has started manufacturing of nacelles and blades at its new facility in Le Havre. Believed to be the world’s first facility to encompass both offshore wind turbine nacelle…
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