Category: Shortcode

The EU on Wednesday proposed a law requiring natural gas storage be filled to a minimum 80 percent before next winter as it grapples with soaring energy prices exacerbated by the fallout from Russia’s war in Ukraine. The measure is one of several options the 27-nation bloc is looking at as inflation and projected lower economic growth from the war erode a vibrant recovery from the Covid pandemic. It is especially important because Russia provides nearly a third of the EU’s natural gas imports. While those have been left untouched…

Read More

 Finance ministry on Wednesday said Pakistan’s economy is also facing the inflation headwinds due to record high international energy and food prices. The recent developments in the international markets threaten the recovery of the global economy including Pakistan, the ministry said in a statement “Record high international prices of energy, food and other commodities combined with rising freight costs have hit Pakistan hard, with inflation rising to 12 percent in February 2022.” However, inflation is not just a Pakistan specific problem, inflation in the US, UK, EU and emerging markets…

Read More

The Ministry of finance Wednesday rejected news items published in the international media about the state of Pakistan’s economy, terming them biased and one-sided as the views of the government or the independent assessments of its development partners including the IMF, World Bank and the Asian Development Bank, were not taken into account. “We note with concern that certain international publications have printed fabricated narratives on the state of the Pakistan’s economy and the popularity of the Imran Khan led PTI government,” the ministry said in a press release.The ministry…

Read More

Asia’s cash premiums for 380-cst high-sulphur fuel oil (HSFO) surged to their highest level in nearly six months on Wednesday, lifted by steady cargo demand in the Singapore trade window, while residual fuel inventories in Fujairah dropped to a three-week low. The cash differentials for 380-cst HSFO were at a premium of $9.21 per tonne to Singapore quotes, a level not seen since late-September last year. They were at a premium of $7.18 per tonne a day earlier. “We expect some bullish impact on HSFO markets in the near to…

Read More

The Oil Company Advisory Council (OCAC) has asked the Oil and Gas Regulatory Authority (Ogra) to pay attention to problems being faced by major shareholders of the oil industry. The industry says the Ogra should hold regular meetings with leading oil marketing companies (OMCs), on price differential claim (PDC), the IFEM, and other matters. “No meeting of the regulator was taken place with the major shareholders of the oil industry, on PDC, IFEM and other matters, and instead non-entity is being projected as a major player in the industry,” the…

Read More