Day: May 1, 2022

Libya’s NOC announces ‘temporary lifting’ of force majeure on Zueitina oil port to relieve storage

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May you live in interesting times,” runs the saying, supposedly an English translation of an ancient Chinese curse. For BP and Shell, the British companies that account for two of the world’s seven oil “supermajors”, the first quarter of 2022 has been painfully fascinating. Both were heavily enmeshed in Russia and now face having to write down a combined £24bn on the value of their businesses, after cutting ties with the Kremlin. Shell is expected to take a hit of £3.5bn due to its decision to exit its joint venture…

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Germany Drops Opposition To Russian Oil Embargo

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Oil prices have risen for a fourth consecutive day with concerns over Russian supply disruptions trumping reduced demand expectations in China. Brent Crude climbed 1.7 percent to $109.40 per barrel, while WTI Crude moved up 1.03 percent to $106.50 per barrel. Both contracts are set to finish up on the week, and post their fifth straight monthly gains, buoyed by reports the European Union (EU) will phase out Russian oil imports by the end of the year. Germany – the bloc’s largest economy – has dropped its opposition to the…

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LNG Terminals In Europe Are Filling Up Fast

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Europe is importing record volumes of liquefied natural gas (LNG) as it looks to cut as much Russian gas consumption as soon as possible. Unlike in previous years, Europe is now the most attractive destination for global LNG flows, outbidding Asia for spot supply as prices and demand in Europe have soared after the EU’s irreversible decision to stop being beholden to Putin for its gas consumption as fast as feasible. Amid soaring demand, however, LNG terminals in Europe are maxed out, limiting how many cargoes the continent can import…

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Businessmen For Taking Urgent Measures To Curb Rising Power Loadshedding

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The business community, while condemning the government’s new deadline of ending power loadshedding, has stressed the need to fulfill the earlier directives of the prime minister for a visible reduction in power outages by May Day. “It is unfortunate that the power plants of 5,700MW are available but they cannot generate electricity due to non-availability of fuel, resulting into power suspension in the industry. Pakistan Industrial & Traders Association Front senior vice chairman Nasir Hameed and vice chairman Javed Siddiqi asked the authorities concerned to make a sustained and smooth…

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First half of May: Prices of POL products to remain unchanged

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petrol

In a fortnightly review, the federal government has decided to continue the subsidy on petroleum products for the first half of May against the recommendation of the Oil and Gas Regulatory Authority (Ogra) which had proposed an increase up to Rs20.81 per litre excluding petroleum levy (PL) and General Sales Tax (GST). Information Minister Marriyum Aurangzeb announced Thursday (April 28) that the price of petroleum products will remain unchanged for the first half of May. In a statement, the information minister shared that Prime Minister Shehbaz Sharif, once again, decided…

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