At the beginning of 2023, several factors are at play in determining the short and medium-term trend in oil prices this year. Supply and demand concerns, tightening monetary policy globally, expectations of a material slowdown in economic growth and possible recessions, and China’s reopening with a Covid exit wave are all impacting crude oil prices. During the first week of the year, oil prices tumbled by 9% in the first two trading days for the worst start to a year since 1991. The price of Brent Crude dipped to below year-ago levels…
Read MoreYear: 2023
Energy markets start 2023 with biggest weekly dive in years
Energy futures for crude oil, refined products and natural gas have plummeted in the new year as traders reconsidered near-term worries over cold weather and fears of supply shortages and dumped contracts. Prices rose last year on worries of Europe freezing due to the loss of Russian fuel, as OPEC+ cut production targets and as critically low U.S. distillate stocks raised the prospect of fuel export curbs. Those fears have proven overblown, driving prices down. European gas stocks are well above seasonal norms, Saudi Aramco this week cut prices for…
Read MoreSpatial integration framework of solar, wind, and hydropower energy potential in Southeast Asia
Amid its massive increase in energy demand, Southeast Asia has pledged to increase its use of renewable energy by up to 23% by 2025. Geospatial technology approaches that integrate statistical data, spatial models, earth observation satellite data, and climate modeling can be used to conduct strategic analyses for understanding the potential and efficiency of renewable energy development. This study aims to create the first spatial model of its kind in Southeast Asia to develop multi-renewable energy from solar, wind, and hydropower, further broken down into residential and agricultural areas. The…
Read MoreFirst phase of 1,000MW solar panels: Bidding process to begin next week, PM informed
While presiding over a review meeting regarding the implementation of measures to save energy in the country, the meeting was informed about the progress on the implementation of the solarization project.Prime Minister Shehbaz Sharif was informed on Thursday that the bidding process for the first phase of 1,000 MW solar panels would be started next week. While presiding over a review meeting regarding the implementation of measures to save energy in the country, the meeting was informed about the progress on the implementation of the solarization project. The prime minister…
Read MoreGas Crisis Upends Daily Routines
The ongoing gas crisis has crippled daily lives in Karachi to the point where residents have been forced to change their routines in accordance with the gas load shedding schedule. Due to the lack of gas the populace of the booming metropolis is being compelled to take showers whenever possible, have meals at odd times, and change their sleeping schedule. Not doing so means that one has to rely entirely on cold water and increase the monthly budget to accommodate eating out. “The gas load shedding has upended my routine.…
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