Category: Highlights

This week saw some good news finally for oil consumers. Both OPEC and the International Energy Agency revised down their demand projections, suggesting that prices finally had some meaningful downward potential. But OPEC stands ready to change track. “Severe new lockdown measures amid surging Covid cases in China have led to a downward revision in our expectations for global oil demand in 2Q22 and for the year as a whole,” the IEA wrote in its latest Oil Market Report this week. The agency also noted that OECD members consumed less oil than previously…

Read More

The EU is working on broadening sanctions on Russia to include oil and gas embargoes but such measures would take “several months”, European officials told AFP on Friday. The bloc last week announced a ban on Russian coal in a first step against Russian energy exports — together, Moscow’s main hard currency earner. But the coal sanction only kicks in from mid-August, and would hit around eight billion euros ($8.7 billion) in Russia’s sales abroad, annually. Russian oil and gas sales to the EU account for a far higher amount…

Read More

Germany has released nearly three billion euros ($3.2 billion) to acquire floating liquefied natural gas import terminals, the finance ministry said Friday, as it seeks to move away from dependence on Russian gas. “Dependence on Russian energy imports must be reduced quickly and sustainably,” tweeted Finance Minister Christian Lindner. “Floating LNG terminals make an important contribution to this, for which we must provide funding,” he added. A total of 2.94 billion euros has been made available for the lease of these huge LNG carriers, the finance ministry told AFP. Europe,…

Read More

Japan will increase investments in the production of liquefied natural gas abroad to secure supply, the country’s industry minister said today. “Russia’s invasion of Ukraine has intensified competition for purchasing LNG, raising concerns about stable supply of the fuel for Japan,” Koichi Hagiuda told media, as quoted by Reuters. “The government needs to come to the forefront to secure LNG through cooperation with the private sector,” the top official added. Hagiuda also noted that global investment in liquefied natural gas production had declined amid efforts to decarbonize economies even though demand, especially in…

Read More

The LPG Industries Association of Pakistan has demanded of the government to restore operations of Asia’s largest LPG processing plant, the Jamshoro Joint Venture Limited (JJVL), at the earliest as its closure has not only reduced the local LPG production, thus creating a significant shortfall, but has also resulted in the hike of LPG prices by 172 percent just in two years. Aided by an increase in international prices of the fuel, LPG prices in the local market have hiked to Rs 247 per kilogram from only Rs 90/kg two…

Read More