OPEC+ fully complied with the supply cuts in November that the group agreed on, two sources from the group told Reuters. OPEC+ is scheduled to meet on January 4 to discuss how much the group will produce in February and beyond. The group is also set to meet monthly to determine the production quotas for the following month, after weighing market conditions. According to Reuters sources, OPEC’s compliance for November reached 104%. Compliance for OPEC’s allies—a group that includes Russia—reached just 95% compliance. Combined, the overall compliance rate for November…
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Exxon Set For Fourth Loss In 2020 After $20-Billion Write-Down
ExxonMobil is on track to book another quarterly loss this year—its fourth consecutive loss in 2020—announcing that it expects to book a massive up to $20-billion write-down for Q4, the U.S. oil and gas supermajor signaled in an SEC filing on Wednesday. Impairments of between $18 billion and $20 billion will weigh on the fourth-quarter earnings in Exxon’s upstream division, the company said, narrowing the previously reported $17 billion-$20 billion range announced at end-November in its first major asset write-downs in its modern history. The Q4 loss would be Exxon’s…
Read MoreE&P companies plan to inject 150mmcfd of gas into system
ISLAMABAD: The oil and gas Exploration & Production (E&P) companies have planned to inject around 150 Million Cubic Feet per Day (MMCFD) additional gas in the transmission network in the coming days from their different fields to meet the increased demand of the commodity during current winter. “Additional local gas and increased import of Liquefied Natural Gas (LNG) will help tackle the high demand of the commodity in winter,” a senior official privy to petroleum sector developments told APP. He said around 30 percent additional supply of LNG had been…
Read MorePower Reforms: Think Beyond Pricing
The biggest challenge facing the government today is the power sector. These words were echoed by none other than Prime Minister Imran Khan himself earlier last week. These words have been echoed midway in their respective tenures by PM Gilani and PM Sharif as well. A decade on, and the power sector remains a headache. Safe to say, it has not been dealt with very well. Honest admission is a good start. But this is not the first one. One would still come to terms with the state of affairs…
Read MoreThe Countries Set To Win Big On The Lithium Boom
Last week I read a press release that piqued my interest. Vancouver-based Lithium Americas Corp. announced that they had received an environmental impact statement (EIS) from the U.S. government for a proposed lithium mining project in Nevada. The EIS is required for certain projects that have the potential to significantly impact the environment. It is an important milestone in getting major projects executed. Lithium Americas said they expect final permitting to be approved in early 2021. Lithium Americas uses an acid leaching process to extract lithium. The company intends to…
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