Category: Highlights

Global stocks of diesel and other middle distillates have fallen to the lowest seasonal level since 2008, when similar shortages of these transport and industrial fuels helped to propel oil prices to a record high. Distillate fuel oil inventories in the United States are 30 million barrels (21%) below the pre-pandemic five-year seasonal average and at the lowest level since 2005, the U.S. Energy Information Administration said. Stocks in Europe are 35 million barrels (8%) below the pre-pandemic five-year average at the lowest level since 2008, Euroilstock, which compiles inventory…

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Tehran, Iran – Iran should use the opportunity provided by instability in the global energy markets and push its demands in nuclear talks in Vienna, a majority of Iranian lawmakers have suggested. A statement signed by 160 of Iran’s 290 members of parliament was read out publicly on Sunday. It said Tehran should not bind itself by “fabricated deadlines” by the West and push for its demands in the talks in the Austrian capital. Now that the Ukraine crisis has increased the West’s need for the Iranian energy sector, the…

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Joe Biden’s hardline stance on Russia has won him widespread plaudits, but with the most serious oil shock in decades now a reality, the US president’s attempt to cushion the blowback continues to meet resistance from the two allies he needs most. Saudi Arabia’s de facto leader, Mohammed bin Salman, and his counterpart in the United Arab Emirates, Mohammed bin Zayed, are yet to agree to a phone call with the west’s most powerful man – a scenario all but unthinkable during previous administrations. Biden’s immediate priority is for both…

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Pakistan and Saudi Arabia are to finalise agreement on oil facility by March 28, 2022, according to which the former will supply oil of $1.2 billion yearly for three years on deferred payment. This understanding was reached between Pakistan and Saudi Arabia during the visit of Prime Minister Imran Khan to Saudi Arabia in October last year. The issue of Saudi oil facility also came under discussion at a meeting of Economic Executive Council (EEC) presided over by Finance Minister on Finance and Revenue, Shaukat Tarin. Minister for Energy was…

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Oil and Gas Regulatory Authority (Ogra) has granted an extension of two years to Sui Northern Gas Pipeline Limited (SNGPL) for construction of LPG Air-Mix plant in Gilgit as the company has failed to meet its earlier deadline for the completion of the project. Ogra has also imposed a fine of Rs 20 million on SNGPL for two years delay in the installation of LPG Air-Mix plant in Gilgit and misreporting to Economic Coordination Committee (ECC) of the Cabinet regarding the progress of the project. “The Authority observes that the…

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