Month: September 2022

An Oil Supply Shock May Be Imminent

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When the chief executive of Aramco said earlier this week that years of underinvestment had damaged the balance between supply and demand in the oil market, it should have been a wake-up call to those in decision-making positions. Instead, the secretary-general of the UN bashed the oil industry once again for “feasting” on record-high profits and urged governments to make them pay for this. Meanwhile, OPEC’s production shortfall last month reached 3.58 million bpd—a figure equal to some 3.5 percent of global demand—and the United States continued to sell oil…

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Scholz secures gas, diesel supply pledges from UAE

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The United Arab Emirates agreed on Sunday to supply natural gas and diesel to Germany as part of an “energy security” deal to replace Russian supplies. Emirati industry minister Sultan Ahmed Al Jaber called it a “landmark new agreement” that “reinforces the rapidly growing energy partnership between the UAE and Germany”, at a signing attended by German Chancellor Olaf Scholz, the UAE’s state news agency WAM reported. Scholz signed the deal while on a Gulf tour that took him to the UAE, Saudi Arabia and Qatar hunting for new energy…

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End to KE monopoly demanded as JI referendum continues

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Speaking on the occasion, Engr Rehman said Karachiites are forced to pay fuel adjustment charges due to the inefficiency of the old electricity production plants that KE has not upgraded, which itself is a violation by the private company. The JI leader said that the people of the city are also forced to pay electricity duty that goes to the government of the Pakistan People’s Party (PPP) in the province. He said Karachiites are forced to pay for line losses that occur due to the incompetency and greed of KE,…

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Net metering to enhance generation of renewable energy in Pakistan

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The net metering will enhance the generation of renewable energy in Pakistan as well as mitigate the effects of climate change, WealthPK reported. According to experts, net metering encourages power consumers to shift from traditional energy sources to solar energy sources. The unprecedented hike in power tariffs has compelled people to shift to solar energy sources to meet their needs. The households that have installed solar panels can sell their surplus electricity to the grid in the form of net metering to save money. Currently, the contribution of renewable energy…

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UN chief’s support for Pakistan

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Antonio Guterres, United Nations Chief, has urged developed countries to tax windfall profits of fossil fuel companies and use the money to help countries facing a climate crisis. No other country comes even close to Pakistan in the scale of devastation due to the floods in terms of fatalities, in terms of loss of residence, and in terms of loss of livelihood with the assessment placing the sum required for rescue and relief followed by rehabilitation at over 15 billion dollars. Guterres further stated that “fossil fuel industry is feasting…

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