Day: April 13, 2022

Fossil fuel firms set to spend more than €800bn on new oil and gas fields by 2030

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he world’s biggest oil and gas companies, including Shell, Exxon and Gazprom, are projected to spend €857 billion on new oil and gas fields by 2030. This could grow to a staggering €1.4 trillion by 2040, says new research from Global Witness and Oil Change International. All 20 of the companies investigated by two NGOs claim to support the Paris Agreement goal of keeping global warming below the critical 1.5C threshold. The new analysis comes just a week after UN Secretary-General, Antonio Guterres called it “moral and economic madness” to…

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Oil Prices Hold Gains Despite Major Crude Inventory Build

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The American Petroleum Institute (API) reported a surprise build this week for crude oil of 7.757 million barrels, compared to analyst predictions of a 1.367 million barrel build. U.S. crude inventories have shed some 72 million barrels since the start of 2021 and about 14 million barrels since the start of 2020. In the week prior, the API reported a build in crude oil inventories of 1.080 million barrels after analysts had predicted a draw of 1.558 million barrels. Oil prices were trading sharply up on Tuesday on a number of bullish…

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Japan industry minister asks Arab countries to increase oil production

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Japan’s government will continue to ask oil producers in the Middle East, including Saudi Arabia and UAE, to increase their oil output further, Koichi Hagiuda, Minister of Economy, Trade and Industry (METI) said on Tuesday. Hagiuda also said Japanese companies have not been asked to pay in rubles for their Russian natural gas transactions. “We have been working to reduce our energy intake from Russia by diversifying energy sources through re-energization and nuclear energy, diversifying supplies from resources including the Middle East,” the minister told Arab News Japan at a…

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Power outages during Ramazan irk twin cities’ dwellers

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The ‘fasting’ people of the twin cities of Rawalpindi and Islamabad have appealed to Prime Minister Shahbaz Sharif to immediately take up the issue of long hours of unscheduled loadshedding by Islamabad Electric Supply Company (Iesco). The concerned authority is observing 8 to 10-hours of unscheduled loadshedding in day and night for four days but nobody was questioning them as to why they were doing it in Ramazan. Iesco has broken all previous records of unscheduled loadshedding in Ramazan. In Past, there has been no loadshedding in Ramazan. The majority…

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Balochistan’s killer coal mines

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Minimum opportunities of livelihood force the people of Balochistan to put their lives at stake by choosing the perilous profession of mining. Shocking incidents of casualties in coal mines are reported every passing month. Owing to unsafe working conditions, Balochistan’s mining sector has taken a heavy toll on hundreds of mine workers over the years. Absence of precautionary measures such as rescue equipment, firefighting apparatus, equipment for detection of methane gas and proper ventilation system increases the chances of incidents. A majority of the reported incidents point towards the reckless…

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