Month: June 2022

SITE industrialists demands to withdraw hike in Petroleum prices

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Abdul Rashid, President, Site Association of Industry, Karachi, while expressing deep concern over the increase in prices of petroleum products by Rs 59, has demanded Prime Minister Shehbaz Sharif, Finance Minister Miftah Ismail and Minister of State for Petroleum Division Senator Musadik Masood Malik to withdraw hike in POL prices and another alternative solution must be found to cover the country’s deficit. In an appeal, SAI President said that the government always cares of IMF but the people of the country do not care. As a result of the increase…

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FPCCI Fears Multiplier Effect of Astronomical Hikes in Petroleum Prices Shabbir Hassan Mansha

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Mr. Shabbir Hassan Mansha, Acting President FPCCI, has expressed his shock and awe at the astronomical increase in the prices of petrol and diesel. Increase in petrol price by Rs. 24.03per liter will crush the masses and Rs. 59.16per liter in diesel price will have a multiplier effect on goods transportation costs; which will drive the commodities and food supplies prices even further, he added.Acting FPCCI Chief maintained that it is imperative to weigh in the impact of the prior petroleum prices as well; because even before the latest increase…

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Oil Prices Unmoved After API Reports Small Crude Build

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The American Petroleum Institute (API) reported a build this week for crude oil of 736,000 barrels, while analysts predicted a draw of 1.2 million barrels. The small build comes as the Department of Energy released 7.7 million barrels from the Strategic Petroleum Reserves in Week Ending June 10. U.S. crude inventories have shed some 74 million barrels since the start of 2021 and about 16 million barrels since the start of 2020, according to API data. In the week prior, the API reported a build in crude oil inventories of 1.845…

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Oil Companies Face Huge Risk As Legal Dispute In Kurdistan Escalates

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The long-running dispute over how oil flows are handled in the semi-autonomous region of Kurdistan in northern Iraq – administered by its government (the KRG, in Erbil) – and how the region is rewarded by the Federal Government of Iraq (FGI) in Baghdad for its co-operation in this regard has taken a series of dramatic legal twists in the past week or so. The outcome of these developments will have significant, and potentially catastrophic, implications for the exploration, development, and extraction operations of international oil companies (IOCs) working in the…

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Saudi Arabia Bets Big On Blue Hydrogen

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While the world begins to build the infrastructure of a future hydrogen economy, the economics of global trade in carbon-free hydrogen are becoming more clear. Among countries expected to find significant opportunities in that future market is Saudi Arabia.   According to a recent report from a notable Riyadh-based research institute, green hydrogen produced from electrolysis could begin to ship to the Port of Rotterdam in 2030 at prices quite competitive with European hydrogen, depending partly upon the shipping method used.  The researchers also see significant potential for hydrogen in KSA’s…

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