Day: November 18, 2022

Domestic consumers to get only 8 hours of gas supply per day

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With the start of winter, gas shortage has become a major issue especially in the province of Punjab, as only eight hours of gas will be supplied to domestic consumers in 24 hours from next month. As per the sources, Punjab will be the most affected by the gas shortage as Sui Northern Gas Pipelines Limited will not have the required amount of gas available for the province. The main reason for it is that the share of Punjab in gas production is less than other provinces of Sindh, Balochistan…

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Saif Power urges CPPA-G to speed up payments

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Saif Power Limited (SEL) has urged Central Power Purchasing Agency-Guaranteed (CPPA-G) to accelerate its payments as its liquidity position is critical. In a letter to Chief Executive Officer (CEO), CPPA-G, Rehan Akhtar, CEO SEL, Sohail H Hydari has stated that the power company’s overdue receivables have increased to Rs10.93 billion which were Rs10 billion last month. According to CEO of the company, the stock of receivables of his company at the time of his meeting with CEO CPPA-G were far higher than those of the three sister companies. However, during…

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OPEC’s Back In The Driver’s Seat

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OPEC is “back in the driver’s seat” as the world’s most powerful swing producer, Hess Corp CEO John Hess said on Thursday at a Miami conference. According to Hess, U.S. crude oil production will average 13 million bpd over the next few years, where it will plateau, as investors pressure U.S. oil companies to focus on returning money to shareholders instead of investing in aggressive growth strategies. It’s what we’ve been hearing for most of the year; U.S. oil companies are skittish about spending what has been a significant influx…

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This Is The Biggest Downward Risk For Oil Markets In 2023

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Short-term oil price forecasts have been persistently bullish this year, with most forecasters expecting benchmarks to top $100 sometime next year. Over the longer term, however, things change. Goldman Sachs, for instance, this week said in a note that it expected oil could surge to $125 per barrel if China ended its Covid restrictions. Its base-case forecast for 2023 is for Brent at $110 per barrel, but stronger demand from China if and when restrictions end could push the price even higher. Separately, Morgan Stanley forecast that emerging markets are…

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Climate change may cut Pakistan’s GDP by 18pc to 20pc: World Bank

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Pakistan’s annual economic output could see a cut of 18 per cent to 20pc by 2050 due to climate change risks, according to a report recently published by the World Bank. “The combined risks from the intensification of climate change and environmental degradation, unless addressed, will further aggravate Pakistan’s economic fragility; and could ultimately reduce annual GDP by 18pc to 20pc per year by 2050, based on the optimistic and pessimistic scenarios,” it said. The report stated that between 6.5pc and 9pc of GDP will likely be lost due to…

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