Category: Highlights

ISLAMABAD,June 18(Gwadar Pro) – National Electric Power Regulatory Authority (NEPRA) has approved the final selling price for 660 megawatts Thar coal-based Engro Thar Powergen Ltd. (ETPL), the regulator said. ETPL is an early-harvest indigenous-coal based power project under China-Pakistan Economic Corridor (CPEC), and the first ever Thar coal-based power plant, which started commercial operation on July 10,2019. Engro Group owns 51% share in the project while China Machinery Engineering Corp. (CMEC) owns 35% share. CMEC is also the engineering and procurement contractor(EPC)of the project. China Development Bank, China Construction Bank…

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In its largest hike since 1994, the Federal Reserve raised rates by three-quarters of a percentage point, or 75 basis points, with oil prices responding by drawing down just under 1%.  Wall Street had largely anticipated a 75-basis point hike, and oil prices were down 1% on Wednesday, ahead of the Fed meeting, regaining some ground by the time of the rate hike announcement.  At 2:13 p.m. EST, just minutes after the Fed release, Brent was trading down 0.62% on the day, at $120.42. WTI was trading at $118.10, down 0.70%. The…

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Oil demand growth is set to accelerate next year, with global demand averaging a record 101.6 million barrels per day (bpd) and exceeding pre-COVID levels, the International Energy Agency (IEA) said on Wednesday in its first outlook for 2023.   “While higher prices and a weaker economic outlook are moderating consumption increases, a resurgent China will drive gains next year, with growth accelerating from 1.8 mb/d in 2022 to 2.2 mb/d in 2023,” the IEA said in its closely-watched Oil Market Report for June published today. Next year, global oil supply may…

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The American Petroleum Institute (API) reported a build this week for crude oil of 736,000 barrels, while analysts predicted a draw of 1.2 million barrels. The small build comes as the Department of Energy released 7.7 million barrels from the Strategic Petroleum Reserves in Week Ending June 10. U.S. crude inventories have shed some 74 million barrels since the start of 2021 and about 16 million barrels since the start of 2020, according to API data. In the week prior, the API reported a build in crude oil inventories of 1.845…

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The long-running dispute over how oil flows are handled in the semi-autonomous region of Kurdistan in northern Iraq – administered by its government (the KRG, in Erbil) – and how the region is rewarded by the Federal Government of Iraq (FGI) in Baghdad for its co-operation in this regard has taken a series of dramatic legal twists in the past week or so. The outcome of these developments will have significant, and potentially catastrophic, implications for the exploration, development, and extraction operations of international oil companies (IOCs) working in the…

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