Day: November 22, 2022

Oil Prices Plunge As OPEC+ Considers Production Hike

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OPEC’s de facto leader Saudi Arabia and OPEC+’s other members are discussing an oil production increase, OPEC delegates said on Monday, according to the Wall Street Journal. The full group will meet next on December 4 to set out OPEC+’s production plans for January 2023—and the group is reportedly considering an increase of up to half a million barrels a day. The timing of the production target increase—if the group agrees to it—would be just one day before the effective date of both the EU’s Russian oil embargo and G7…

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Why Is The U.S. Losing Oil Refining Capacity?

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One of the under-reported factors behind the ongoing diesel shortage is the loss of U.S. refining capacity since the start of the Covid-19 pandemic. Today I will discuss the factors that led to this loss. According to the Energy Information Administration (EIA), at the beginning of the pandemic U.S. refiners had 19.0 million barrels per day (BPD) of operable refining capacity (Source). This was the highest number ever reported by the EIA. By December 2021, that number had fallen to 17.9 million BPD — a loss of 1.1 million BPD…

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UK Unveils Europe’s Largest Energy Storage System

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Europe’s largest battery energy storage system by megawatts per hour will be officially online from today, marking a new era in power diversification in the UK. Harmony Energy Income Trust, which invests in battery energy storage assets in Britain, today unveiled its first portfolio project of 196 MWh in Pillswood, East Yorkshire – which uses Tesla technology to store energy. The Pillswood project employs Tesla 2-hour Megapack technology systems and has the capacity to store up to 196 MWh of electricity in a single cycle – the equivalent capacity to…

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SECL (Thar Block-1): EPTL voices concern over delay in transmission line construction

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Ms/Engro Powergen Thar Limited (EPTL) has expressed its concern over the delay in construction of dedicated transmission line for SECL (Thar Block-1) and lack of preventive maintenance at Block-2. In a letter to Managing Director NTDC and CEO CPPA-G, CEO M/s EPTL, Syed Manzoor Hussain Zaidi, EPTL has drawn the attention to longstanding issues of delays in construction of dedicated transmission lines for Thar Block-1 power plant (SECL) and lack of preventive maintenance on Thar Block-2 circuits prior to foggy conditions in upcoming winter season. According to the company, it…

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Motiwala Links Declining Exports to Gas Shortage

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Chairman Businessmen Group (BMG) & former President Karachi Chamber of Commerce & Industry (KCCI) Zubair Motiwala has said that Pakistan needs to increase exports but instead it is constantly declining because of unavailability of gas to industry. “How could the government expect from exporters to deliver and compete with Bangladesh and India when they have no gas. We are capable of enhancing the exports by 50 percent or $15 billion within the installed capacity but this can only be achieved when gas is available at required quantum and quality along…

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