Category: Uncategorized

PSO BoM reviews company’s performance during nine months

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Pakistan State Oil (PSO), the leading oil marketing company of Pakistan, convened its Board of Management (BoM) meeting to review the company’s performance during the nine months of fiscal year 2019-20 which concluded on March 31, 2020. According to the details released by the company here on Thursday, despite serious challenges faced by the economic and business world amid Covid-19 outbreak, PSO’s bottom line remained positive. The profitable performance was achieved by it through re-gaining its market share over same period last year (SPLY) and by maintaining growth over and…

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Good news! Global emissions will fall eight percent this year due to COVID-19

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COVID-19 is expected to cause global energy emissions to fall a record eight percent this year due to an unprecedented drop in demand for coal, oil, and gas, the International Energy Agency said Thursday. The IEA’s Global Energy Review was based on an analysis of electricity demand over more than 100 days, during which much of the world has entered lockdown in a bid to control the pandemic. It predicted that global energy demand would fall six percent in 2020 — seven times more than during the 2008 financial crisis…

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FBR, ministries of communications and energy blamed for hindering exports

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LAHORE: The Ministry of Commerce (MoC) has blamed the Federal Board of Revenue (FBR), the Ministry of Communications (MoC) and the Ministry of Energy’s Power Division for hampering the country’s exports, sources told Profit on Sunday. The commerce ministry took up its reservations at a recent meeting headed by Prime Minister Imran Khan that reviewed the ministry’s performance regarding the country’s exports, sources added. The MoC officials during the meeting requested the premier to issue instructions to all the ministries and departments that no decision about the country’s exports should be taken without…

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Large Crude Inventory Build Sends Prices Tumbling

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The American Petroleum Institute (API) estimated on Tuesday a larger than anticipated crude oil inventory build of 4.18 million barrels for the week ending January 31, compared to analyst expectations of a 2.8-million-barrel build in inventory.PauseUnmuteLoaded: 64.03%Remaining Time -2:28Picture-in-PictureFullscreen Last week saw a surprise draw in crude oil inventories of 4.27 million barrels, according to API data. The EIA’s estimates, however, were for a build of 3.5-million barrels for that week. Oil prices were down in the afternoon hours, after trending upward earlier in the day on news that OPEC was in talks about what action to…

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