Category: Highlights

What’s Next For Oil $50 Or $100? Most Likely $50.

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oil

Economic weakness caused by global reserve banks’ tightening and high winter heating bills will bring oil to $50 per barrel. But it won’t stay there for long. With the price of crude oil currently hovering around $75 to $80 per barrel, many pundits believe $100 oil is right around the corner. History, however, doesn’t support such a view. After large oil price shocks like the one that came in the first half of this year with Russia’s invasion of Ukraine, the price of oil tends to fall substantially over the…

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The Offshore Drilling Market Is Booming Again

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Demand for offshore rigs for overseas drilling has soared this year even as U.S. oil-rig growth has plateaued. According to Baker Hughes, there are now 622 oil rigs operating in the U.S., down from the 683 in operation in March of 2020 at the onset of the pandemic and unchanged from six weeks ago. This has caused day rates to skyrocket and the stocks of drilling contractors to soar with Transocean Ltd. (NYSE: RIG) up 49.7% in the year-to-date; Valaris Ltd. (NYSE: VAL) has rocketed 75.1% while Noble Corp. Plc (NYSE: NE) has gained 45.1%. In sharp contrast, demand…

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Russia overtakes KSA as China’s top crude supplier in Nov

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China’s crude oil imports from Russia rose 17% in November from a year earlier, as Chinese refiners rushed to secure more cargoes ahead of a price cap imposed by the Group of Seven nations on Dec. 5. The jump made Russia the top oil supplier for China ahead of Saudi Arabia. Arrivals of Russian crude, including oil pumped through the East Siberia Pacific Ocean pipeline and seaborne shipments from Russia’s European and Far Eastern ports, amounted to 7.81 million tonnes last month, data from the General Administration of Customs showed…

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T4HP: Govt seeks another extension in closing date of World Bank loan

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world-bank

The government has requested the World Bank for extending the closing date of credit for Tarbela Fourth Hydropower project for fifth time, aimed at enabling Water and Power Development Authority (Wapda) to finance remaining payments on ongoing contracts, complete activities to support sustainable operation of project and address remedial measures for fixing issue identified at the intake of the power tunnels constructed under the project. Official documents revealed that the restructuring for the extension of the closing date of IDA Credit- to June 30, 2023 is in response to the…

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Growatt and Trisun Energies sign 100MW MoU to Forge New Strategic Partnership

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Growatt, a global leading distributed energy solution provider, signed a Memorandum of Understanding (MoU) with Trisun Energies, a Karachi-based renewable energy company, to deepen their cooperation in the Pakistan solar market earlier this month. According to the agreement, Growatt will supply Trisun Energies with up to 100MW of string inverters in 2023. And the MoU was signed in the context of Pakistan’s revised RE policy, which aims to accelerate the clean energy transition and derive 60 percent of energy from renewable sources by 2030. “The newly revised RE policy reinforces…

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