Category: Highlights

Oil prices have declined by around $30 a barrel since the recent peak in early June before the Fed and other central banks started aggressive interest rate hikes to fight runaway inflation. The tightening monetary policy is expected to slow economic growth, while several financial market indicators suggest that the markets expect recessions, which could slow global oil demand growth. The most closely watched major forecasters – OPEC, EIA, and the International Energy Agency (IEA) – continue to expect growth in global oil demand both this year and next, with…

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Saudi Arabia emerged as the second-biggest oil supplier to India after a three-month gap, overtaking Russia by a thin margin, while Iraq retained the top spot in August, data from industry and trade sources showed. India, the world’s third largest oil importer and consumer, shipped in 863,950 barrels per day (bpd) of crude from Saudi Arabia, up 4.8% from the previous month, while purchases from Russia fell 2.4% to 855,950 bpd, the data showed. Despite Saudi’s gain, the share of oil from Organisation of the Petroleum Exporting Countries in India…

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As oil prices continue to plunge, with the latest selloff triggered by a surprise crude build and another release from the Strategic Petroleum Reserve, commodity analysts at Standard Chartered say the oil market is not fundamentally broken but is rather merely responding to a surplus.  In its latest commodities market update on Thursday, StanChart says that the global oil market is currently in excess supply, with the U.S. transferring an average 0.83 million barrels per day (mb/d) into commercial inventories in the third quarter.  StanChart analysts estimate the Q3 surplus…

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Pakistan Water and Power Development Authority (Wapda) Chairman Lt Gen (Retd) Sajjad Ghani on Wednesday visited the Dasu Hydropower Project, being constructed on the river Indus, upstream of Dasu town in Upper Kohistan district of Khyber Pakhtunkhwa. The chairman, accompanied by member (Water) Wapda and Commissioner Hazara division, witnessed construction activities on various sites of the project, including inlet areas of the diversion tunnels, main access tunnel, power house cavern, right bank access road, Wapda colony and the contractor’s camp. The Dasu project management and representatives of the consultants and…

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In her annual state of the union speech, European Commission president Ursula von der Leyen set out major energy market interventions to manage high prices The European Commission has stepped back from earlier plans to cap the price of Russian gas, proposing instead to set up a new task force with EU member state representatives that will attempt to negotiate deals with key suppliers such as Norway. In her annual state of the union speech before the European Parliament in Strasbourg on Wednesday (14 September), Commission president Ursula von der…

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