Category: News & Announcement

Libya’s oil production that has dropped sharply in recent months is set to nearly halve in the coming years thanks to an oil blockade that has been in force since January. Libya’s production has dropped from 1.186 million bpd last November to 796,000 bpd by January 2020, before slipping to 82,000 bpd in June, according to OPEC’s Monthly Oil Market Report. Libya had planned to increase production to 2.1 million bpd by 2024, but those plans are now in jeopardy due to recent skirmishes that have embroiled the country’s oil…

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The Energy Information Administration raised its price outlook for Brent crude to $41 per barrel for the second half of 2020—this is $4 per barrel higher than the EIA’s forecast last month. In its Short-Term Energy Outlook (STEs expectation that global oil inventories will continue to decline in the second half of the year and throughout next year. “EIA expects high inventory levels and surplus crude oil production capacity will limit upward price pressures in the coming months, but as inventories decline into 2021, those upward price pressures will increase,”…

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nergy-producing nations have “weathered the COVID-19 demand devastation storm and non-compliance [with output cuts] should become the end-of-summer theme for OPEC+,” said Moya. On Monday, West Texas Intermediate crude for August CLQ20, -0.09% was down 13 cents, or 0.3%, at $40.49 a barrel on the New York Mercantile Exchange, after posting a weekly gain of 5% on Thursday, with U.S. markets closed for Independence Day on Friday. Global benchmark Brent oil for September BRNU20, -0.04% rose 38 cents, or 0.9%, at $43.18 a barrel on ICE Futures Europe. U.S. markets…

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ISLAMABAD: Minister for Planning, Development and Special Initiatives Asad Umar on Sunday said WAPDA produced the highest ever hydel electricity in 2019-20 with an increase of 20 per cent, compared to the previous year. In his tweet, the minister said massive hydel capacity increase was taking place with Dasu, Mohmand and Diamir Bhasha Dams being built. “We need to rely on local renewable energy instead of expensive imported thermal fuels,” he added. Read More: NEPRA directs power distribution companies to immediately minimise load shedding Earlier, on June 25, Prime Minister…

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According to analysts predictions, global coal industry will never recover from the COVID-19 pandemic as the pandemic crisis proves that renewable energy is cheaper for consumers and a safer asset for investors. The transition from highly polluting fossil fuels to cleaner energy sources is accelerating even during the blockade, which has led to the closure of power plants in several countries and provided new evidence that coal use may finally peak after more for 200 years on stage. Coal is dying, but renewables are a small part of the reason.…

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