Day: June 16, 2022

Oil Prices Fall On Biggest Fed Rate Hike Since 1994

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In its largest hike since 1994, the Federal Reserve raised rates by three-quarters of a percentage point, or 75 basis points, with oil prices responding by drawing down just under 1%.  Wall Street had largely anticipated a 75-basis point hike, and oil prices were down 1% on Wednesday, ahead of the Fed meeting, regaining some ground by the time of the rate hike announcement.  At 2:13 p.m. EST, just minutes after the Fed release, Brent was trading down 0.62% on the day, at $120.42. WTI was trading at $118.10, down 0.70%. The…

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IEA Sees Oil Demand At Record High In 2023

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Oil demand growth is set to accelerate next year, with global demand averaging a record 101.6 million barrels per day (bpd) and exceeding pre-COVID levels, the International Energy Agency (IEA) said on Wednesday in its first outlook for 2023.   “While higher prices and a weaker economic outlook are moderating consumption increases, a resurgent China will drive gains next year, with growth accelerating from 1.8 mb/d in 2022 to 2.2 mb/d in 2023,” the IEA said in its closely-watched Oil Market Report for June published today. Next year, global oil supply may…

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OGDC Finds Gas

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Oil and Gas Development Company Ltd (OGDC) said on Wednesday the joint venture of Guddu Block — in which the company is an operator with a 70 per cent stake — has discovered gas in an exploratory well called Umair South East-1 in Ghotki district of Sindh. A regulatory filing said Umair South East-1 was spudded in on May 9 to test the hydrocarbon potential of Pirkoh formation and Habib Rahi Limestone (HRL), it said. “Based on the results of wireline logs interpretation, successful drill stem test-1 in HRL has…

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Rs1.98tr needed by Sept for fuel imports to minimize loadshedding

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With receivables of the state-run Pakistan State Oil (PSO) already at a backbreaking Rs600 billion record and counting, the Petroleum Division has reported a gross liquidity requirement of about Rs1.98 trillion for the first quarter of the next fiscal year beginning July 1 for fuel imports to minimise the prevailing loadshedding. The PSO and Pakistan LNG Limited (PLL) are importing liquefied natural gas (LNG) to minimise the shortfall in the demand and supply of gas. Re-gasified LNG is supplied by the Karachi-based Sui Southern Gas Company (SSGC) and Lahore-based Sui…

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Discos allowed 42 paise quarterly tariff hike

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The National Electric Power Regulatory Authority (Nepra) on Wednesday allowed 42 paise per unit increase in average tariff of distribution companies (Discos) of Wapda under quarterly tariff adjustments (QTA) for January-March. The decision was taken at a public hearing presided over by Nepra chairman Tauseef H. Farooqui. The higher rate would be charged to consumers for three months and would be replaced by QTA for 4th quarter (April-June). Nepra would issue a formal notification over the next few days after verification of documents and invoices provided by the power companies.…

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