Category: Highlights

WTI oil held steady at $76 per barrel, after the U.S. Energy Information Administration reported an inventory build of 19 million barrels for the first week of the new year. At 439.6 million barrels, inventories of crude have turned about 1 percent above the average for this time of the year. The report follows a moderate build of 1.7 million barrels for the last week of 2022, as reported by the EIA, and another, even smaller build of 700,000 barrels for the week before that. A day before the EIA’s report came out, the…

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The digitalization of oil and gas has been well documented, with pretty much all energy majors adopting AI, machine learning, and other innovative technologies to improve their operations. But what role does artificial intelligence play in renewables? Just as in oil and gas, AI is being adopted for use in wind, solar, and other green energy projects to improve efficiency through greater automation. As energy firms look to digitalize their operations to a greater extent, AI will likely play a leading role in the energy transition of the future.  The use…

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US investment bank Goldman Sachs expects Brent crude to trade at $105 a barrel by the fourth quarter of 2023, driven by a “solid” growth in global oil demand. It expects oil demand to grow by 2.7 million barrels per day this year and said the market would be back in a deficit in the second half of 2023. This should allow the Opec+ alliance to unwind its October production cut in the second half of the year, said Goldman Sachs. However, if the market turns out to be softer, then alliance “could stick…

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Prince Mohammad bin Salman also direct to increase the deposit in Pakistan central bank Saudi Arabia working on plan to invest $10 billion in Pakistan Prince Salman also asked to increase deposit to $5 billion Already Saudi Arabia has rollover $3 billion for Pakistan till December 2023 Fresh inflows of $2 billion expected from Saudi Development Fund Geneva announcement Yesterday Pledges made by countries and IFIs IDB $4.2 bln (in 3 years)World Bank $2 blnADB $1 blnSaudi Arabia $1 blnAIB $1 blnUSAID $100 millionJapan $77 millionGermany €84 millionEU €500 million

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Experts at the launch of the Sustainable Development Goal-7 (SDG-7) Roadmap for Pakistan stressed the need for decarbonising the energy sector by reducing emissions, increasing energy efficiency, and also the share of renewable energy possible through vigorous advocacy and awareness campaigns across the country. The launch was jointly organised here by the UN Economic and Social Commission for Asia and the Pacific (ESCAP), Private Power and Infrastructure Board (PPIB), and Sustainable Development Policy Institute (SDPI). Matthew Wittenstein, Section Chief, Energy Division, ESCAP, said that we are off track from managing…

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