Category: Highlights

The key driver of the rising inflation causing economic mayhem across the developed world remains historically elevated oil and gas prices that have been in play since the prospect of Russia’s invasion of Ukraine first came into view, which was in September last year, when the oil price was around US$65 per barrel (pb) of Brent. This rise, when combined with the huge rise in global liquidity caused by the various long-running quantitative easing programs that followed the Great Financial Crisis, have led Western government to embark on a series of…

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The U.S. Energy Information Administration has slashed its world oil demand growth forecast for next year as President Biden lashed out at oil companies for not expanding supply, and as OPEC+ moved last month to cut production targets by 2 million bpd. The EIA has cut its 2023 world oil demand growth forecast by 320,000 barrels per day, to 1.16 million bpd, while raising 2022 oil demand growth by 140,000 bpd, to 2.6 million bpd, according to its Short-Term Energy Outlook published on Tuesday. The EIA expects global oil inventories…

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Strife-torn Colombia was sharply impacted by the 2020 pandemic. The Andean nation’s economy contracted 7% while poverty, corruption, lawlessness and violence soared. Those events were indirectly behind a marked increase in the incidence of petroleum theft, which has grown significantly since 2016. Aside from the pandemic there are a wide variety of reasons for rapidly rising oil theft in Colombia. Among the most prominent is gasoline’s crucial role as an ingredient used to manufacture cocaine. The spike in oil theft is occurring at the same time as cocaine production in…

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The German government plans to spend as much as $82.8 billion (83.3 billion euros) on funding a planned cap on electricity and gas prices next year as it looks to help businesses and consumers with coping with high energy costs, Reuters reported this weekend, quoting a draft proposal it had seen. The proposed financing for energy price caps would represent 42% of the planned $199 billion (200 billion euros) “defensive shield” to protect companies and consumers against the impact of soaring energy prices. At the end of September, the German…

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Ruqiya Naeem Qureshi has been conferred an award for showing excellence in the fields of event management and public relations for the past three decades. Mrs. Naeem Qureshi received the excellence award at the recently held event SRM Couture Celebrating Women’s Empowerment. The event was held to celebrate and recognize the achievements of distinguished women in the fields of business and entrepreneurship, especially during the coronavirus pandemic. A total of 35 women were given awards on the occasion for showing distinction in various fields. Mrs. Naeem Qureshi has been the…

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