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KARACHI: Amid the coronavirus lockdown, the southern port city will witness a heatwave from May 5 to 8, the Meteorological Department said on Friday. Met department Director Sardar Sarfaraz said that during the time period, mercury can rise up to 42 degrees Celsius in Karachi. Sarfaraz said that during the heatwave, the sea breeze will remain suspended. Due to hot winds blowing from the northwest, the weather will feel hot and humid, he said. Read more: Locked down due to coronavirus, Karachi residents brace for heatwave starting today Karachi went…

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The oil crash is blocking American frackers from accessing the cheap credit that fueled their prolific rise. That reversal of fortunes could prove fatal for overleveraged shale oil companies.The downturn in the oil industry has laid bare just how much America’s rise to superpower status in the energy world was made possible by easy money. Virtually unlimited borrowing allowed shale companies to dramatically ramp up production, whether that oil was needed or not.Getting locked out of the junk bond market will tip the weakest players into bankruptcy, risking countless US…

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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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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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