Day: August 10, 2022

Russian oil transit via Ukraine halted due to sanctions

Admin

The supply of Russian oil to three European countries through Ukraine has been halted as the transit payment cannot be processed due to sanctions, Russian firm Transneft said. “On August 4, the delivery of Russian oil via the territory of Ukraine was halted,” the oil pipeline operator said in a statement, adding that this had affected deliveries to Hungary, Slovakia and the Czech Republic. The company said the Ukrainian side stopped the oil transport “due to not receiving funds for these services”. Oil holds near multi-month lows on demand worries…

Read More

Turkey resumes gas exploration in the eastern Mediterranean

Admin

Nearly two years after Turkey halted offshore gas explorations in contested waters in the eastern Mediterranean, a Turkish drillship has departed from the port of Mersin to search for gas in the region. The Abdullhamid Han drillship set sail on Tuesday with the blessing of President Recep Tayyip Erdogan, who said that the ship would operate 55km (34.2 miles) off Turkey’s coast in an area within the country’s sovereign territory. The survey and drilling work we are conducting in the Mediterranean are within our sovereign territory. We do not need…

Read More

Global Coal Consumption Surged In 2021

Admin

This article is the fifth in a series on the BP Statistical Review of World Energy 2022. The Review provides a comprehensive picture of supply and demand for major energy sources on a country-level basis. Previous articles covered overall energy consumption, carbon dioxide emissions, petroleum supply and demand, and global natural gas trends Fossil fuels are primarily composed of carbon and hydrogen. They are hydrocarbons. When hydrocarbons are combusted, the carbon forms carbon dioxide and the hydrogen forms water vapor. Coal contains a higher percentage of carbon than does oil…

Read More

Investors shun Pakistani bonds over rising default threat

Admin

Investors are wary of Pakistan’s default on Sri Lanka as the South Asian country grapples with rising commodity prices and tighter credit conditions. Pakistan’s foreign bonds maturing in 2024, 2025 and 2026 are trading briskly in distressed territory, according to Bloomberg data, at about 71, 65 and 63 cents per dollar, respectively. The country’s debt was one of the worst-performing of all emerging markets issued this year, pointing to investor concerns about pressures on the developing economy. The surge in global energy and food prices since Russia’s invasion of Ukraine…

Read More

Pakistan’s finance minister says the country has avoided a Sri Lanka-like default crisis

Admin
Miftah1653626121-0

Pakistan’s finance minister said the government has taken steps that will put the country on the right track and help the South Asian nation avoid an economic collapse. But that will cause pain for its people, he added. The country is desperately fighting for its survival as the recent rise in commodity and energy prices have exacerbated its debt problems. It has been struggling to pay for its imports as its official liquid foreign exchange reserves shrank by $754 million to $8.57 billion in the week ended July 22, according…

Read More