Day: November 15, 2022

POL Products’ Prices May be Adjusted in PL

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The government may likely adjust the prices of petroleum products in petroleum levy (PL) which the government committed with the IMF to increase each month. Sources in the petroleum sector said for the ex-refinery, the pricing trend is slightly negative: around Rs1.6 per litre on petrol and Rs3 per litre on high-speed diesel (HSD). “However this price is without any exchange rate loss adjustment and there is some Rs4 per litre adjustment expected in HSD price, as the government skipped the adjustment last time”, sources said. For consumers, last time…

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Has U.S. Oil Supply Peaked Again? Energy Experts Disagree

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A week ago, the Energy Information Administration (EIA) released its latest Short Term Energy Outlook (STEO) wherein it revised its 2022 and 2023 oil production outlook. The EIA revised 2022 U.S. crude oil supply higher by 80 thousand barrels per day (kb/d) to 11.828 million barrels per day (mb/d) and crude oil supply growth for 2022 higher by 80kb/d to 574kb/d. The energy watchdog, however, revised its 2023 production outlook lower by 21kb/d to 12.31mb/d and 2023 growth lower by 121kb/d to 487kb/d. This in effect means that next year’s…

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Oil Majors Are Betting Big On Suriname

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After a series of dry wells were drilled in the Guyana-Suriname Basin from the 1960s through to the 1980s, offshore Guyana and Suriname were ignored by global energy companies. Interest was reignited by ExxonMobil’s discovery of the Liza oilfield in the 6.6-million-acre Stabroek Block offshore Guyana in 2015. That was followed by a swathe of over 30 world-class discoveries in the block, indicating the basin holds more recoverable hydrocarbon resources than the U.S. Geological Survey estimated. The USGS previously rated the sedimentary formation as the world’s second most prospective offshore basin, with…

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Biden, Jokowi Unveil $20 Billion Deal to Wean Indonesia Off Coal

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US President Joe Biden and Indonesian President Joko Widodo will announce a climate finance deal providing $20 billion to help Indonesia pivot away from coal power. The funding deal, brokered between the US, Indonesia and Japan, is set to be outlined Tuesday on the sidelines of the Group of 20 summit in Bali, following more than a year of talks. It is the largest single climate finance transaction ever, according to a senior US Treasury Department official. Under the package, Indonesia will commit to capping carbon dioxide releases from its…

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Oil prices may be jacked up slightly

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The government is likely to slightly increase prices of petroleum products to collect more revenue from oil consumers in the next fortnight from November 16 to 30, 2022. “Prices of petroleum products may be increased by Rs3 to Rs4 per litre,” an official of the Petroleum Division said. He added that the government was expected to adjust taxes on petroleum products to increase revenue collection in line with the commitment to the International Monetary Fund (IMF). It has already raised the petroleum levy on petrol and high octane blending component…

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