Category: Highlights

The movement of international oil prices will decide the fate of the rupee during the next week. Currently, the rupee is stable, owing to the inflows received from a lending agency and the proceeds of the Sukuk bond. The exchange rate for the week ended February 11, 2021 closed at Rs174.71 against the greenback in the interbank foreign exchange market. The rupee during the week fell, owing to a surge in the international oil prices; however it recovered the losses after ease in the global oil prices. The benchmark Brent crude was recorded at…

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The UK’s only two shale gas wells are to be abandoned after the industry regulator ordered them to be sealed.The Lancashire wells have not been used since 2019 after test drilling was suspended due to earth tremors and the government halted shale gas extraction in England. The Oil and Gas Authority (OGA) ordered that they now be plugged with concrete. The site’s owners, energy firm Cuadrilla, said the decision was “ridiculous” amid rising gas prices. The wells at Preston New Road were the first to frack horizontally onshore in the…

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Oil prices fell on Thursday despite forecasts for a steeper rise in energy demand, with crude turning negative on fears that the U.S. Federal Reserve will hike rates more aggressively than expected to fight inflation. After rising more than 1% in early trade, Brent crude futures slipped 27 cents, or 0.3% to $91.26 a barrel by 1347 p.m. ET (1847 GMT). U.S. Texas Intermediate crude fell 12 cents or 0.1% to $89.54 a barrel. After U.S. inflation data came in on Thursday at its hottest in 40 years, St. Louis…

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Stronger economic growth and the easing of COVID restrictions make the near-term prospects for global oil demand bright, with an upside potential, OPEC said on Thursday, keeping its forecast that consumption will exceed pre-pandemic levels in 2022. In its closely-watched Monthly Oil Market Report (MOMR), the organization revised up slightly, by 10,000 bpd, its annual oil demand estimate for 2022 to 100.8 million bpd, up from 100.79 million bpd in last month’s report. Estimates for the third and fourth quarter of 2022 were revised up by 30,000 bpd and 20,000 bpd, respectively.…

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The Pakistan Engineering Council (PEC) has decided to play its due role to increase the liaison between the industries and the academia in the area of research being conducted in the universities in Pakistan. The decision to this effect was reached as the Pakistan Development Committee of PEC held its inaugural session at the council’s headquarters. Convener of the committee, Mir Masood Rasheed, who is also an adviser to the PEC Chairman, chaired the meeting.The meeting decided that the PEC would compile the data of industrial growth in the country…

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