Day: August 18, 2022

The Board of Directors of Shell Pakistan Limited (SPL) announced the Company’s half year results on August 17th, 2022. The Company posted a profit after tax of Rs7.469 billion compared to the profit of Rs2.153 billion made in the same period last year. The encouraging turnaround is mainly driven by improved business performance focusing on strategic priorities such as differentiated fuels and lubricants, the positive change in pricing formula to pricing agency S&P Global Platts’ indexes by the government, and safe and efficient fuel operations. During this period, the Mobility…

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Natural gas demand in major consuming countries stood in June at 104 percent of year-ago levels, but production was flat compared to 2021 levels, new data from the Joint Organisations Data Initiative (JODI) showed on Wednesday. While U.S. natural gas production has been rising in recent months alongside LNG exports, Russian gas production has plummeted since Russia invaded Ukraine at the end of February. In June, Russian gas production plummeted 18 percent month on month, falling for three consecutive months. Russia’s gas output in June was at 70 percent of…

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Oil prices have tanked more than 20% to trade under $100 a barrel, but Brent crude could see a reversal this year as supply in the global market remains tight, UBS said Wednesday.  Brent crude, the international benchmark, slipped during Wednesday’s session to $93.33 a barrel. The commodity has lost 25% since mid-June when it traded above $125 a barrel. The fall has also knocked Brent back to levels seen in late February, before Russia’s invasion of Ukraine propelled a price surge.  Concerns about potential recessions in the US and in…

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