Year: 2022

Crude oil prices fell to their lows of the day and European natural gas prices retreated after German Chancellor Olaf Scholz said that Europe’s largest economy has no option but to keep buying Russian oil and gas. “At the moment, the supply of energy for heating, for mobility, for electricity generation and for industry cannot be secured any other way,” Scholz said in a press statement confirming that Germany will continue to transact with Russian energy companies.  Prices for crude oil had hit their highest since 2008 while benchmark European…

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The K-3 unit of the Karachi Nuclear Power Project in Pakistan, the fourth entity to use a China-designed third-generation nuclear reactor, has been successfully connected to the grid, laying solid foundations for commercial operation. All four of the units adopting China’s Hualong One nuclear reactor now connected to the grid are generating electricity, Global Times reported while quoting China National Nuclear Corp (CNNC) statement. Each Hualong One unit is expected to generate nearly 10 billion kWh of electricity annually after being completed, which can meet the annual electricity demand of more…

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Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance and Former Provincial Minister Mian Zahid Hussain on Monday said rising oil prices are affecting energy security, food security, and global GDP. Inflation and poverty are on the rise across the globe while the global economy is heading for a recession which will hit billions of people, he said. Mian Zahid Hussain said that the European Union’s desire to end its dependence on Russian oil and gas is a dream that has nothing…

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Oil buyers racing to replace Russia’ taboo crude are paying record premiums for barrels that can be delivered now rather than later, reflecting worries about adequate near-term fuel supplies and expectations that high prices will reduce consumption and encourage drilling. Prices for April deliveries of crude have shot up since Russia invaded Ukraine and buyers began shunning the aggressor’s oil exports. The main U.S. price last week topped $110 a barrel for the first time in more than a decade and in off-hours trading late Sunday, they burst above $130…

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