Day: October 23, 2022

Former prime minister Imran Khan and current Finance Minister Ishaq Dar’s rhetoric to import Russian oil contradict the situation on the ground. The Pakistani oil sector has already made several failed attempts to import oil from Russia. A third-party oil supplier had offered the Pakistani Refinery Limited (PRL) an opportunity to import oil at discounted rates. Despite making concerted efforts, the Pakistani side failed to materialise the plan due to the US sanctions imposed against Russian companies. Sources say that following the war in Ukraine, the US and its allied…

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If Washington is upset about the influence of the OPEC+ cartel over global oil markets, wait a few years – because it will only get worse. Many analysts are now forecasting that U.S. oil production could peak around 2024, which means the global oil market will have to make do without its most crucial short-cycle “swing” producer to keep up with growing global populations and demand for energy. It’s a troubling thought. The theory that global oil demand peaked in 2019 has been thoroughly debunked. Even the most pessimistic forecasters,…

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The axing of the energy price guarantee from April next year could lead to almost 11m UK households falling into fuel poverty, campaigners have warned, which is about 26m people. It means more than one in three British households face the grim prospect of hardship: there are an estimated 28.1m households in the UK. The average household in Britain has 2.36 people. The End Fuel Poverty Coalition described the outlook as “frankly terrifying” and urged the Government to focus on a new package of support and energy market reforms, alongside…

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Pakistan imported petroleum products worth $100 million on deferred payment basis under the Saudi oil facility for the seventh consecutive month in September 2022. Official documents revealed the government has budgeted estimates of $800 million for oil imports under the Saudi oil facility. The country has imported petroleum products worth $300 million in the first three months of the current fiscal year. Saudi Arabia provided petroleum products worth $700 million to Pakistan from March to September. It also provided petroleum products worth $100 million each during March, April, May, June,…

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