Category: Highlights

Crude oil prices remain exceptionally volatile on Tuesday, with WTI fluctuating between sub-$100 and nearly $104 per barrel after sinking from more than $110 on Monday as bearish and bullish factors push and pull crude benchmarks. Monday saw crude oil prices drop sharply as China lockdowns and Saudi Arabia’s crude oil price cutting contributed to worries about a possible slump in crude oil demand in the world’s top crude importer. But oil prices seesawed on Tuesday as the EU continued to try to reach a consensus on a Russian crude…

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Not enough investment in global refining capacity is one of the key drivers of the global rally in gasoline, diesel, and jet fuel prices, according to Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, who reiterated the Kingdom’s view that a rushed transition to cleaner energy fails to take into account realities.   “All mobility fuels have skyrocketed … and the gap between crude prices and these products in some cases is actually 60%,” Prince Abdulaziz bin Salman said at an aviation conference, as carried by Reuters.  If the industry is…

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Low-carbon oil seems pivotal to the future of fossil fuel production as it becomes clear that the world is still highly dependent on crude. Working to fill the gap left by Russia, countries and oil firms around the world are increasing their oil production and long-term output plans. But to achieve ambitious carbon emissions promises, low-carbon oil will be necessary. Several international oil majors have announced plans to shift their fossil fuel production to low-carbon oil, alongside natural gas, in the coming years as they strive to reduce carbon emissions…

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With Federal Minister for Power Division and State Minister for Petroleum Affairs in place, the government, headed by Shehbaz Sharif, has carved out a plan to wriggle the country out of the energy crisis under which the LNG terminal operators would be allowed to utilize their excess capacity for importing more LNG and would be permitted to ink long LNG supply agreements on BtB (business to business) basis. And more importantly, some of the underutilized capacity of 600mmcfd that the government has purchased in PGPL terminal will be doled out…

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Group of Seven (G7) nations committed on Sunday to ban or phase out imports of Russian oil and the United States unveiled sanctions against Gazprombank executives and other businesses to punish Moscow for its war against Ukraine. The move represents the latest attempt by the West to put pressure on Russian President Vladimir Putin for his country’s invasion of Ukraine and the deadly aftermath that ensued. President Joe Biden joined G7 leaders in a video conference call with Ukrainian President Volodymyr Zelenskiy to discuss the war, support for Ukraine, and…

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