Year: 2023

WTI Crude Ticks Higher After EIA Confirms Small Inventory Build

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WTI crude prices rose slightly today after the U.S. Energy Information Administration reported an oil inventory build of 1.7 million barrels for the week to December 30. This compared with a modest build of 700,000 barrels for the previous week, which in turn followed a weekly draw of 5.9 million barrels. The EIA said that at 420.6 million barrels, crude oil inventories were still below the seasonal five-year average, by some 4 percent. A day earlier, the American Petroleum Institute estimated a crude oil inventory build of close to 3.3 million barrels, citing refinery shutdowns that…

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U.S. Oil and Gas Is In No Hurry To Grow

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Last year was a rather surprising one for those used to seeing a short and visible link between oil prices and U.S. oil production. In 2022, this link broke. Despite higher oil prices, U.S. drillers did not go into full growth mode. And they ended the year in much the same way. According to the latest Dallas Fed energy survey, the pace of growth in the U.S. oil and gas industry slowed in the fourth quarter of the year even though many of the biggest challenges the industry had faced…

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Electricity conservation: Why?

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Incorrect diagnosis is at times, worse than no diagnosis at all. More so, if the diagnosis also leads to prescriptions being used. The government ministers, in a star-studded presser, announced a national energy conservation policy, in light of the crisis Pakistan faces today. The plan, if implemented, is slated to save all of Rs62 billion over 12 months. Not sure Pakistan’s problems today revolve around saving a few billions in rupees. Another matter is how the federal government will get its political rivals in two provinces on board. Also, another…

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Investment under CPEC to reach $62bn by 2030: report

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The total planned investment under China Pakistan Economic Corridor (CPEC) is $62 billion between FY2015 and FY2030, out of which $27.4 billion projects have been realized, with energy sector (power generation, coal mining and transmission lines) representing 76 percent. It covers power generation projects, both fossil fuel and renewable, of about 11 GW. To date, about 5,520 MW energy projects have been completed. More than half of these projects are coal-based power plants, according to an annual report on renewable energy released by Sustainable Development Policy Institute (SDPI). The report…

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‘Weak govts signed away Balochistan’s resources’

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All agreements for the extraction of Balochistan’s natural resources were signed by “weak and non-political governments”, National Party chief Dr Abdul Malik Baloch said on Wednesday. “Balochistan will not get a 25-35 percent share out of the Reko Diq project. Instead, its share won’t be more than 10 percent. “Like all previous arrangements, the Reko Diq agreement is unjust for the province,” Dr Malik said during an informal discussion with journalists. Dr Malik, a former chief minister, said the Constitution was clear that the people of a province had the…

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