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Oil lobby not allowing any other means of power generation

  Government not focused on exploiting potential of other indigenous resources like solar and coal Energy is considered as lifeline of a country’s socio-economic and human development but its scarcity results in grinding halt to almost every sector of life. Pakistan like other Asian countries is also faced with acute energy shortage, especially of electricity, the main source of energy. The electricity crisis did not emerge overnight because the issue …

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Oil price collapse – event of the year 2014 have multiplier effects on developing economies including Pakistan

  The steel fall of international oil prices have a combined effect both on the oil based economies as well as on the developing economies but in different directions. The oil price situation has developed an interesting situation similar to what it happens even in the province of Sindh before the arrival of Monsoon season as the date farmers pray for late start of the rainy season as the rain …

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The snake eye: Oil

  Oil, like the snake eyes, has a killer’s fascination. Economic booms, bubbles, and bursts, all taking shapes in the slimy womb of this slick monster. The oil story has been written by the master oil CEOs like John Browne of British Petroleum, the deceptive oil ministers of oil-rich countries like Ali al-Naimi of Saudi Arabia, the yesteryears Seven Sisters of the West, the counterforce OPEC, and above all, the …

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Declining oil prices a positive impact on the world’s economy

  According to International Monetary Fund Managing Director Christine Lagarde the plunge in oil prices since June may hurt some crude exporters. But overall it is a good thing for the world economy. She said “there will be winners and losers, but on a net basis it’s good news for the global economy,” she said in Washington recently while commenting over the declining oil prices and of last Organization of …

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Long-term deals with oil marketing companies

  In 2014, global oil demand will be higher than formerly predict, after consumption in US rebounded to its strongest stage in 5-year. Economic adepts predicted that demand will boost by 1.2 million barrels a day to 92.4 million a day coming year, increasing its projection from November by 240,000 a day. USA fuel utilize increased over 20 million barrels a day in November for the first time since 2008. …

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Historic oil fall: Pakistan’s petroleum products set to decline

  Presently Brent oil sank to $36.05 a barrel — its weakest since July 2004 — before recovering slightly to $36.56. A worldwide oversupply has dramatically driven down the oil price, with suppliers declining to reach deals to address the glut. Just 18-month ago, in June last year, the price of oil was traded at $115 per barrel. The price of US crude was also recorded down this week, dropping …

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The influence of oil prices on Pakistan’s economy

  During early 1990s in Pakistan, power and transport industry were the key consumers of petroleum/oil having share of 25 percent and 50 percent, respectively in its total consumption. The crude oil prices have shown a record rise in the last few years rendering the oil importing and developing countries to face the serious fall out and economic setbacks. Experts have revealed that the consumption of petroleum/oil has explained an …

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Repercussion of lower oil prices

  The oil industry with its past history of huge profitability is in the downswing. Earnings are at present in a lower position for companies that have made landmark profits in recent years, pushing them to retire more than half their rigs and abruptly cut investments in exploration and production. About 100,000 oil workers have lost their jobs, and manufacturing of drilling and production equipment has fallen drastically. The oil …

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Falling oil prices: who are the true beneficiaries?

  Oil price in the international market has slumped from around $100 per barrel to below $45 in the past one year. But in Pakistan, the governments generally do not provide the genuine relief to the masses after only reducing fuel prices marginally in the domestic market. A common man will only become the beneficiary of falling oil prices in the global market if the government and the oil and …

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Russian economy in the wake of sanctions and oil slump

  The tough-guy image of Putin has spelled much misery to Russian commoners than any good to the country. The US and the West have never been comfortable with this man; his actions have always been under a powerful scanner. He gave his foes a chance to be mean with his Ukrainian offensive. The sanctions came as an automated response sending the Russian economy and people into a state of …

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