Category: Highlights

Brent crude futures were down $4.12, or 4.4 percent, at $88.71 a barrel by 12:43 p.m. EDT (1543 GMT), touching their lowest since February 3 and falling below $90 a barrel for the first since February 8. US West Texas Intermediate crude fell by $4.29, or 4.9 percent, to $82.46, reaching its lowest since January 24 as recession fears moved back into the spotlight. Oil prices briefly climbed on Wednesday as Russia´s President Vladimir Putin said his country would stop delivering oil and gas supplies to countries that introduce price…

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Conceptually, energy transition transforms energy sources from fossil fuel-based to clean energy that does not produce carbon emissions. Fossil energy has been used for a long time and has created significant greenhouse gas emissions worldwide. One clean energy source in the world is renewable energy, which is more sustainable than fossil fuels. Renewable energy is more efficient and effective than fossil energy. In line with global ambitions, countries in the world work together to overcome the problem of climate change and towards net zero emission for all sectors, including energy.…

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Russia’s energy giant Gazprom says it has signed an agreement with China to start payments for gas supplies to China in yuan and roubles instead of US dollars, in a sign of warming relations between Beijing and Moscow, which is under Western sanctions. “The new payment mechanism is a mutually beneficial, timely, reliable and practical solution,” Gazprom CEO Alexei Miller was quoted as saying in a statement following a video conference meeting with the head of China’s oil group CNPC, Dai Houliang. Miller added that it will “simplify calculations” and…

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Oil prices sank on Tuesday after a two-day rally as concern returned about weaker demand and the prospect of more interest rate hikes trumped support from Opec+’s first output target cut since 2020. Brent crude was down $3.26, or 3.4 per cent, to $92.48 at 11:27 a.m. EDT (1527 GMT). US West Texas Intermediate (WTI) fell from Monday’s trading to $86.37, down 50 cents or 0.6pc from Friday’s close. Technical factors, including that the U.S. benchmark has been trading since Sunday without settlement due to the Labor Day holiday, helped…

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In an alarming development, public debt in July increased by Rs2.7 trillion – at an average of Rs88 billion a day – almost entirely because of the government’s revaluation of external debt due to 17% currency depreciation in a single month. With the fresh addition of Rs2.7 trillion in the month of July, the total debt, that is the direct responsibility of the federal government, has shot up to a new record of Rs50.5 trillion, according to figures released by the State Bank of Pakistan (SBP) on Tuesday. The total…

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