Day: June 1, 2022

Rising Energy Prices Could Tip World Into 1980s-Style Recession

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oil

Rising energy prices and boxing Russian crude oil out of the global market risks a global recession, Bank of America’s head of global commodities and derivatives research Francisco Blanch warned in a recent research note. “Can the global economy continue to expand with tightening oil supplies? Our estimates suggest that the world can handle a total disruption of just about 2mn b/d of Russian oil without risking a global recession,” the note cautioned. In 2023, BoA sees oil demand approaching pre-Covid levels—but only if Russia’s crude oil and condensate production…

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Miftah says ‘difficult to imagine buying Russian oil’

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Russia is under sanctions and has not responded to the letter written to it by the previous government, but we have asked either Ukraine or Russia, whichever country can sell us wheat, we would be happy to buy wheat from them,” said Ismail in an interview with CNN. Ismail said the previous PTI government wrote a letter to the Russian Federation, “which was never responded to”. “Russia has also not offered us any oil. I mean it is difficult for me to imagine buying Russian oil.” If Russia offers Pakistan…

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EVs to adversely impact economy

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The promotion of electric vehicles (EVs) will have a negative impact on the local auto industry and the national economy, remarked Indus Motor Company (IMC) Chief Executive Officer Ali Asghar Jamali. In a statement issued on Tuesday, the IMC chief said that hybrid electric vehicles (HEVs) were an immediate solution, as they consume less foreign exchange by cutting the oil import bill besides reducing carbon emissions (CO2). Moreover, there would be no infrastructure investment. Elaborating further, he said HEVs include “cleaner emissions as compared to the internal combustion engines as…

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LPG price slashed by Rs13 per kg

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The consumers of liquefied petroleum gas (LPG) have got good news following the massive increase in petroleum product prices. The Oil and Gas Regulatory Authority (Ogra) has slashed the price of LPG by Rs13 to Rs218.76 per kg. Now, the domestic cylinder will be sold for Rs2,581.35 and the commercial cylinder will be available at Rs9,931.65. The LPG Industries Association of Pakistan said that keeping in view the efforts of the government to provide relief to the masses, further reduction could be made in the LPG price. “The current official…

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Oil industry warns of supply chain breakdown

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A major oil industry lobby has warned of impending breakdown in the energy supply chain as companies are facing financial crisis following refusal of international banks to accept Letters of Credit (LCs) opened by Pakistani banks. In an SOS call, Oil Companies Advisory Council (OCAC) Chairman Waqar Irshad Siddiqui revealed that the oil industry had come under financial strain, raising the spectre of breakdown in the country’s energy supply chain. Earlier, in a letter to the Ministry of Energy (Petroleum Division) on May 26, the OCAC highlighted that international banks…

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