Category: News & Announcement

BRUSSELS: The European Union plans to dedicate a quarter of its budget to tackling climate change and to help shift one trillion euros ($1.1tr) in investment towards making the economy more environmentally friendly over the next 10 years. The Europe Investment Plan unveiled on Tuesday will be funded by the EU budget and the private sector. It aims to deliver on European Commission president Ursula von der Leyen’s Green Deal to make the bloc the world’s first carbon-neutral continent by 2050. The plan includes a mechanism designed to help the…

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China’s oil demand growth is expected to slow dramatically this year, a trend that should have a substantial impact on the global oil market.close [x]PauseUnmuteLoaded: 0%Progress: 0%Remaining Time -1:20Fullscreen CNPC said that oil demand in China will expand by 2.4 percent in 2020, less than half of the 5.2 percent growth rate seen in 2019, as reported by Bloomberg. That will also be the weakest growth rate since the global financial crisis a decade ago. “Negative impacts on the economy from U.S.-China trade frictions won’t be rooted out in the short term,” CNPC said.…

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Strong demand for heavy-sweet crude grades amid the new shipping fuel regulations has resulted in a recent spot tender in which a crude from Australia sold for close to US$100 a barrel, making it what traders said was probably the most expensive crude in the world.close [x]PlayUnmuteLoaded: 0%Progress: 0%Remaining Time -0:49Fullscreen According to the new rules by the International Maritime Organization (IMO), only 0.5-percent or lower sulfur fuel oil should be used on ships beginning January 1, 2020, unless said ships have installed the so-called scrubbers—systems that remove sulfur from exhaust gas emitted…

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The Oil and Gas Regulatory Authority (OGRA) on Monday notified a decrease in prices of imported Re-gasified Liquefied Natural Gas (RLNG) for January 2020 in its monthly review. The regulator has decreased the prices of RLNG for the month of January 2020 for Sui Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas Company (SSGC) over December 2019. The regulator notified the RLNG prices by setting the new prices at $10.4822 per mmbtu for the consumers of SNGPL and $10.4602 per mmbtu for SSGC. In previous month of December 2019,…

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Most OPEC members seem to be quite happy with where oil prices are now, according to the energy minister of one of the smaller members of the cartel.close [x]PauseUnmuteLoaded: 0%Progress: 0%Remaining Time -1:41Fullscreen “We all probably would like higher [oil prices] because we have more revenue, but we are conscious this is not good for the economy,” Equatorial Guinea’s Gabriel Obiang Lima told media, as quoted by S&P Global Platts. “It depends on who you ask, but I think the consensus is that that $60-70/b is OK for producers and for consumers,” he…

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