Category: Highlights

Panels of the OPEC+ groups begin their monthly meetings on Tuesday to discuss the state of oil market and how to proceed with the record production cuts, with analysts widely expecting that the group will ease the cuts by 2 million barrels per day as of August 1. The Joint Technical Committee (JTC) will hold a meeting on Tuesday, followed by a meeting of the Joint Ministerial Monitoring Committee (JMMC) on Wednesday. The volatile oil market and the highly uncertain trajectory of global demand recovery has forced the OPEC+ group…

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OPEC+ will hold a committee meeting this week to assess the status of the oil market and decide on its next steps. For now, the group appears ready to begin unwinding the extraordinary production cuts, which could test the recent price rally. The historic cuts of 9.7 million barrels per day (mb/d) that OPEC+ implemented after the pandemic-related crash was always intended to be temporary. Initially, the cuts were set to expire at the end of June and begin tapering at the start of July; the group agreed to extend…

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ISLAMABAD: The Ministry of Energy on Sunday censured the K-Electric management for shifting responsibility to the government for power outages in Karachi. In a statement, a spokesperson for the Ministry of Energy said the fact was that KE had not made necessary investment in its distribution system that was incapable to off-take additional electricity from the national grid despite repeated offers. The ministry said the KE’s claims were totally wrong that non-supply of fuel by the federal government led to loadshedding in Karachi. It said the KE’s chief executive officer…

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Dongfang Electric Corporation (DEC) sent off the prototype 10 MW offshore anti-typhoon wind turbine from its factory to the project site at the end of June. The height of the installed unit is about 115 metres above sea level. The 10 MW wind turbine, with a rotor diameter of 185 metres, can meet the average power consumption of 20,000 households annually. After it passes the test and verification at Xinghua Bay Wind Farm Phase II, the wind turbine will be mass-produced and gradually promoted and installed at Fujian’s offshore wind farms, Dongfang…

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The market hates independent power producers (IPPs) right now, and one that has been running for 35 years is probably at the bottom of the totem pole as far as investor interest is concerned. Add in a power purchase agreement (PPA) that is expiring next year, and investors absolutely could not be bothered with the company in question. Yes, it certainly does look like its best days are behind the Kot Addu Power Company, one of Pakistan’s largest power producers. And it is not as though it has not been…

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