Category: Highlights

The China-Pakistan Economic Corridor (CPEC) has been contributing to the United Nations sustainable development goals (SDGs) 2030 Agenda in Pakistan. Although it is expected that CPEC will empower Pakistan to move forward economically, it also has a high potential to achieve a number of SDGs. Three out of 17 Sustainable Development Goals of the United Nations Agenda 2030 are highly relevant to the construction and running of CPEC, according to a report published by China Economic Net (CEN). As it is important to know that developing countries need great resources…

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The British oil giants BP and Shell reported huge quarterly profits this month, reigniting calls for a windfall tax to ease the burden of bills on struggling families. Tesco’s chairman, John Allan, this week argued that there was an “overwhelming case” for a one-off levy on North Sea extractors. While the focus was on their oil production businesses, both “supermajors” have benefited from a boom in trading revenues. BP and Shell do not simply produce and sell oil, they employ thousands of traders whose job it is to buy and…

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Slower global economic growth, China’s fight against COVID, and the Russian invasion of Ukraine prompted OPEC to slash for a second month running its global oil demand growth estimate for 2022. In its Monthly Oil Market Report (MOMR) out on Thursday, OPEC revised down—again—its forecast for global economic growth and said oil demand would grow by 310,000 barrels per day (bpd) less than the growth anticipated in the April report. Back in April, OPEC slashed its oil demand growth estimate for 2022 by 480,000 bpd on the back of lower expected global economic growth…

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Europe’s top oil firms reported blowout earnings for the first quarter as oil and gas prices spiked with the European energy crisis and the Russian invasion of Ukraine. All three major producers and traders—Shell, BP, and TotalEnergies—posted their highest quarterly earnings in years, hailing “outperforming” and “exceptional” trading results for contributing to the high earnings, together with spiking oil and natural gas prices and stronger refinery margins. While it’s no secret that trading in volatile markets makes a lot of profits for trading firms and trading divisions, none of the…

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Europe is set to receive more cargoes of U.S. crude from the Strategic Petroleum Reserve (SPR) as the European Union discusses an oil embargo on Russia and looks to reduce reliance on Russian oil, Bloomberg reported on Thursday, citing tanker-tracking data and sources with knowledge of the shipments. In recent weeks, Europe has increased purchases of U.S. crude as it considers the details of a ban on imports of Russian crude and refined products. A week after the European Commission officially proposed a full ban on Russian crude and oil…

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