Year: 2022

The struggle for stability

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In the absence of any systemic or meticulous approach to tackling deep-seated woes, the overall economic outlook appears to be blurred or bleak. But the firefighting mode is helping to superficially ease pressures on the external sector, possibly for a brief spell, while curbing domestic demand of imported goods/services amidst sliding GDP growth. However, the risk of foreign debt default is still a hot topic in the national discourse, with falling forex reserves and the dollar gaining value against the rupee. Initiatives such as diversifying sources of raising domestic finances…

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Qatar’s Q3 surplus soars on higher oil and gas revenues

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DUBAI, Qatar posted a budget surplus of 30 billion riyals ($8.19 billion) for the third quarter of 2022, boosted by rocketing oil and gas revenues, the state news agency said on Tuesday, citing data from the finance ministry. The surplus in the same period in 2021 stood at 900 million riyals. Government figures showed that spending in the third quarter of 2022 stood at 51.8 billion riyals. Total revenues in Q3 amounted to 81.8 billion riyals, of which over 93%, or 76.3 billion riyals, came from oil and gas, the…

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Airbus unveils zero-emissions hydrogen-powered fuel cell engine

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On Wednesday, Airbus revealed in a press release that it was developing a hydrogen-powered fuel cell engine as one of the potential solutions to equip its zero-emission aircraft that will enter service by 2035. The next steps will be for Airbus to start ground and flight testing this fuel cell engine architecture onboard its ZEROe demonstrator aircraft. The A380 MSN1 flight test aircraft is currently being altered to give it the capacity to carry liquid hydrogen tanks and their distribution systems. Fuel cells are a potential solution to help us…

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Turkish Petroleum discovers oil worth $12bn in Mount Gabar

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Turkish Petroleum (TPAO) has discovered 150 million barrels of oil in the Mount Gabar Area, southeast Turkey. Turkish President Recep Tayyip Erdoğan announced the find during a cabinet meeting on Monday. He said: “It is one of the top 10 onshore discoveries in 2022. The reserve value is approximately $12 billion. “We produce 5,000 barrels per day in four wells in this region, which has a very high oil quality. With 34 more discoveries in 2021 alone, we added another 71 million barrels to our current reserve,” Erdoğan added. Turkey will celebrate its…

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Traders Are Selling, But Higher Oil Prices Could Be On The Horizon

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oil

Last week, we published one of the more bearish articles on the oil price outlook as reviewed by commodity analysts at Standard Chartered. According to the analysts, their proprietary crude oil money-manager positioning index that compares net longs across the four main New York and London-based crude contracts relative to open interest and historical norms is currently more negative than those for all other commodities they track. StanChart says that In recent months, crude oil has remained close to the bottom of the ranking of metals and energy in terms of implied positive…

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