Month: August 2022

Amin Nasser: A homegrown engineer who reached the top

Admin

At an industry event this year in Riyadh, the Saudi energy minister paused at about 9 p.m. in front of some 1,000 people and told them it was bedtime for Amin Nasser, the chief executive of state-owned oil producer Saudi Aramco. He was not joking. Over a career of four decades, Nasser has earned a reputation for a style of dedication that means he will be making sure he is prepared for the challenges of the day ahead, not mingling into the early hours. “It was kind of embarrassing you…

Read More

Oil refineries’ estimates: POL products’ prices may soar by up to Rs16.48 per litre

Admin
Petrol-Price

The federal government may increase the prices of petroleum products by up to Rs16.48 per litre with effect from August 16, according to the estimates of oil refineries. In a press conference on Saturday, Minister of State for Energy (Petroleum Division) Musaddiq Malik said that the Oil and Gas Regulatory Authority (Ogra) determines the price of petroleum products on the basis of last 15 days average and the exchange rate for letter of credits (LCs) is applicable 16 days back. “The impact of reduction of oil prices is usually transferred…

Read More

Oil Market Surplus Strengthens Case For New OPEC Output Cuts

Admin

This week, OPEC issued its Monthly Oil Market Report. It was released just hours after the IEA released its own monthly oil market forecast. Unlike the IEA, the oil-producing group forecast that growth in oil demand this year would be slower than previously expected. OPEC also forecast an oil market surplus, sparking speculation that it may be preparing for production cuts. According to OPEC’s latest Monthly Oil Market Report, oil demand this year will record a healthy 3.1 million bpd, although the forecast for the second half of the year…

Read More

China And The West Both Want To Keep Kazakh Oil Flowing

Admin

Since its invasion of Ukraine, Moscow has twice blocked Kazakh oil exports crossing its territory. Is this revenge for Kazakhstan’s refusal to endorse the war? An attempt to push up the value of its own crude? Either way, Beijing does not like it. The Chinese government has signaled that it will not accept Russian meddling in Kazakh oil exports, quietly rebuking Moscow for the blockades. Kazakhstan pumps just under 2 million barrels per day (bpd), about 2 percent of global oil production. Almost 80 percent is exported to world markets…

Read More

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

Admin

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…

Read More