Day: August 14, 2022

Iran Signals That Latest Nuclear Deal Proposal Could Be ‘Acceptable’

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Iran considers that a European Union proposal for the restoration of the so-called nuclear deal could be “acceptable” if it provides assurances about the key demands of the Islamic Republic, a senior Iranian diplomat was quoted as saying on Friday. Speaking to Iran’s IRNA news agency, the unnamed Iranian diplomat said on Friday, as carried by Reuters: “Proposals by the EU can be acceptable if they provide Iran with assurance on the issues of safeguards, sanctions and guarantees.” Iran has been seeking assurances that no other U.S. president could unilaterally…

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Gulf Of Mexico Oil Outages Balloon Beyond Shell

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At least two other oil majors shuttered their Gulf of Mexico platforms on Friday following a leak in the Fourchon booster station, shutting down the flow of crude through the Amberjack Pipelines. On Thursday, Shell halted production at its Mars, Ursa, and Olympus platforms, which can produce 410,000 bpd. Shell did not provide an estimate for when the platforms would resume production. On Friday, Shell was joined by Chevron, which shuttered Jack/St. Malo (57,000 boepd), Tahiti, and Bigfoot (75,000 bpd) platforms, which also feed into the Amberjack lines. Equinor joined…

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Major Petroleum Corridor At Risk Of Closure Due To Low Water Levels

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Europe’s supply of fuels such as coal and petroleum products faces further disruptions in the coming days as the water levels on the Rhine River—a key waterway for barge transportation – are expected to sink below the level of navigability.  The Rhine River, which runs northwest from Switzerland through Germany, France, and the Netherlands into the North Sea, is a major petroleum product transportation corridor in Europe. Due to heat waves and drought this summer in Europe, the levels on the river are low and have now become too shallow…

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IMF Says No Room for Subsidies End of Story

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IMF Gas Reforms

Providing regionally competitive energy by providing subsidy to the exporting sectors was always a challenge; it has now become an even more daunting task. Energy prices are high which would mean a higher requirement of subsidy. As per an agreement with the International Monetary Fund (IMF), however, there is no room for supplementary grants. The textile industry is demanding a commitment of electricity at 9 cent per unit and gas at $9 per mmbtu for the whole fiscal year. ECC (Economic Coordination Committee) of the Cabinet wanted to stick to…

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LNG Going long-term

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July 2022 offered a much-needed breather as Pakistan’s LNG imports halved from a month ago at c. $350 million. Recall that LNG imports for both May and June 2022 crossed $750 million, as the government opted to import spot cargoes at record high prices. There was not much on offer for July 2022 as the authorities failed to receive a single bid for spot cargoes. Eight cargoes imported in July 2022 were all under the long-term arrangements by the state-owned Pakistan State Oil. The LNG cost for July 2022 averaged…

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