Year: 2022

Govt plans 14,000MW solar power through incentives

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The government plans to launch solar power projects of around 14,000 megawatts this year, as an alternative energy source to the costly electricity being generated using imported fuel, under an initiative, that includes reduced prices for solar systems along with tax incentives. Chairing a meeting to review measures for the promotion of solar energy in the country on Wednesday, Prime Minister Shehbaz Sharif directed for prioritising Balochistan in the provision of solar systems, stressing that solarisation would help reduce the fuel import bill. “The people will be provided with solar…

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POL price challenge

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petrol

The government is said to be mulling changing the pricing mechanism for petroleum products. The immediate concern is how to handle the PKR volatility while pricing motor gasoline (MOGAS) and high speed diesel (HSD). In the latest fortnightly price revision, the government changed the formula of using last day of exchange rate to the average during the period. Now the thinking is to use the exact rate of Letter of Credit retirement by Pakistan State Oil (PSO) for fixing pricing. That is even better. The government should move towards complete…

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A Radical Plan To Reduce Europe’s Oil Demand By 33%

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European governments have been racking their brains to come up with a realistic way of reducing energy consumption with a sharp and quite understandable focus on natural gas. But now, a group of NGOs is proposing cutting oil consumption by as much as a third. And it believes it can be done quickly. Transport & Environment, or rather, the European Federation for Transport and Environment, is a group of non-governmental organizations campaigning for what they describe as “a zero-emission mobility system that is affordable and has minimal impacts on our…

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OPEC+’s July Production Survey Shows Another Big Miss

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Despite raising its crude oil production in July by 500,000 barrels per day, the OPEC+ group was still well below its collective quota, pumping 2.75 million bpd below targeted output, an Argus survey found on Wednesday. OPEC+ saw its combined crude oil production at 38.70 million bpd last month, with Saudi Arabia, OPEC’s top producer and de facto leader, raising its supply to the market the most. According to the survey and preliminary tanker-tracking from Argus, Saudi Arabia’s crude oil shipments jumped by more than 550,000 bpd in July compared…

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U.S.-Europe Oil Tankers Hit Blowout Day Rates

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Rates for mid-sized oil tankers sailing from the U.S. Gulf of Mexico to Europe hit the $57,000-per-day level this week, a figure representing a 12X increase since January and a two-year high, according to Bloomberg citing Aframax vessel data. The dramatic increase in shipping rates from the U.S. to Europe reflects a shortage of vessels and a diversion of product to different markets due to sanctions and Russia’s war on Ukraine. On Tuesday, Bloomberg’s initial review of new shipping data showed that overall, fuel tankers carrying refined fuel were seeing…

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