Category: Highlights

European Union countries will this week debate a possible deal to share out the costs of buying gas to fill storage and build a supply buffer ahead of next winter, according to a draft document seen by Reuters. EU countries are negotiating proposed rules that would require them to fill their gas storage to at least 90% of capacity by Nov. 1 each year from 2023 and 80% this year – an attempt to reduce the leverage of Russia, which supplies around 40% of EU gas. The proposal had worried…

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The Kingdom of Saudi Arabia and the Islamic Republic of Pakistan have an exceptional relationship, rooted in the love between the two peoples, making it immune to changes in leadership. This bond has continued to strengthen over the past several decades in the political, security, economic and cultural spheres. It will be boosted further under the charismatic leadership of Mian Mohammed Shehbaz Sharif, the newly elected prime minister of Pakistan.Sharif will soon visit the Kingdom to perform Umrah and seek the blessings of Allah and Prophet Muhammad, peace be upon…

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With oil prices still over $100 a barrel, one thing is certain. Oil companies are going to make big profits. But misconceptions abound about the connection between high oil prices and high profits. After years of observing the reactions of both the public and our political leaders, it seems like they believe something like the following fictional narrative. They can see ExxonMobil XOM -3.4% executives sitting around a smoke-filled boardroom, saying “Well, we have the public right where we want them. It’s time to jack up the price of gasoline…

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n just one year, the global market of liquefied natural gas (LNG) turned from a buyer’s market to a seller’s market, with LNG suppliers commanding a tight market as buyers scramble to secure gas from providers other than Russia.  The European Union’s target to diversify gas supplies, speed up the roll-out of renewable gases, and replace gas in heating and power generation in hopes of cutting EU demand for Russian gas by two-thirds before the end of the year has created a global race for spot LNG supply. In this race for…

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More than 100 people were killed overnight in an explosion at an illegal oil refining depot on the border of Nigeria’s Rivers and Imo states, a local government official and an environmental group said on Saturday. “The fire outbreak occurred at an illegal bunkering site and it affected over 100 people who were burnt beyond recognition,” the state commissioner for petroleum resources, Goodluck Opiah, said. The bunkering site was in the Ohaji-Egbema Local Government Area of Imo state in the Abaezi forest that straddles the border of the two states.…

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