Day: August 4, 2022

Why The West Is Easing Its Sanctions On Russia

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If you ask a random EU official if the bloc should continue trying to punish Russia for its invasion of Ukraine, you will invariably get a positive answer. The sanction potential is reaching its end, but this is no reason for the EU to relieve the pressure, that official will say, as many have in conversations with the media. And yet, the EU has quietly begun to unwind its sanctions against Moscow. The UK’s Express called it caving in to Putin. Bloomberg dubbed it “corrections to previous sanctions.” Whatever it…

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Commodities Trading: The Secret Behind Big Oil’s Bumper Earnings

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Dozens of giant commodity and energy traders saw their profits explode during the pandemic thanks to their ability to leverage their storage facilities, global network of terminals and shipping fleets to cash in on supply disruptions, soaring energy prices and rising demand. Vitol Group, the world’s largest commodity trader, generated record net income of $4.2 billion last year, with rival Mercuria raking in $1.25bn. Vitol announced a major share buy back to the tune of US$3 billion as a way of rewarding the roughly 450 senior staff who own the…

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Oil Prices Fall To $90, But It’s Not Enough For Biden

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After touching the highest level since 2009 above $130/bbl, oil prices have pulled back sharply over the past two months with both Brent and WTI crude currently trading at sub-$100/bbl, and the Biden administration is gunning for a much bigger drop. In an interview with Bloomberg, Amos Hochstein, the White House’s senior adviser for global energy security, has said that gas and oil prices need to go even lower while U.S. producers and OPEC+ need to raise output. As of 13:02 p.m. EST, Brent crude was trading down 3.32% on…

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Pakistan’s textile exports dip 10% in July as energy woes bite: APTMA

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Pakistan’s textile exports clocked in at a provisional $1.54 billion, a drop of 10%, in July 2022 compared to $1.71 billion in June 2022, stated the All Pakistan Textile Mills Association (APTMA) on Tuesday. On a yearly basis, textile exports were up 5%, compared to $1.47 billion recorded in July 2021, showed the provisional data released by APTMA. In July 2022, the percentage of textile exports in total exports reached 66%, it added. “The decline in exports can be attributed to lack of energy supplies, which reduced textile export growth…

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Energy sector needs to innovate competitively

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power

The South Asian subcontinent is facing a massive energy crisis, which has placed regional governments on edge, compelled widespread switching to extremely polluting fuels like coal and fuel oil, and plunged nations like Sri Lanka into socioeconomic chaos. An uninterrupted, reliable, and economical energy supply is a crucial prerequisite for lowering poverty, promoting investment, and accelerating economic progress in a developing nation like Pakistan. Pakistan’s energy resources have been inefficiently utilized for decades due to poor energy management. As a result, the country is experiencing a severe energy crisis that…

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