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Global oil prices hit 3-year high amid supply deficit forecast

Oil prices jumped to a three-year high above $85 a barrel on Friday, boosted by forecasts of a supply deficit in the next few months as the easing of coronavirus-related travel restrictions spurs demand.

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Global oil prices hit 3-year high amid supply deficit forecast
GNN Media: Representational Photo

Brent crude futures were up 70 cents, or 0.9%, at$84.70 a barrel at 1:28 p.m. EDT (1728 GMT). Front-month prices, which touched their highest level since October 2018 at $85.10, were headed for a weekly rise of 3%, which would be their sixth straight weekly gain.

US West Texas Intermediate (WTI) crude futures rose 80 cents, or 1.0%, to $82.11 a barrel. The contract is heading for a 3.5% gain on the week, putting it on track for an eighth consecutive weekly rise.

Demand has picked up with the recovery from the COVID-19 pandemic, with a further boost from power generators who have been turning away from expensive gas and coal to fuel oil and diesel.

The White House said it will lift COVID-19 travel restrictions for fully vaccinated foreign nationals effective Nov. 8, which should boost jet fuel demand.

Meanwhile, a sharp drop in oil stockpiles in the United States and the member countries of the Organisation of Economic Co-operation and Development is expected to keep global supply tight.

"It will take a trifecta of events to derail this oil price rally: OPEC+ unexpectedly boosts output, warm weather hits the Northern Hemisphere, and if the Biden administration taps the strategic petroleum reserves," said Edward Moya, senior market analyst at OANDA.

The International Energy Agency on Thursday said the energy crunch is expected to boost oil demand by 500,000 barrels per day (bpd).

That would result in a supply gap of around 700,000 bpd through the end of this year, until the Organization of the Petroleum Countries and allies, together called OPEC+, add more supply, as planned in January.

SOURCE: REUTERS

Faisal Ali Ghumman

Mr. Ghumman is a seasoned journalist who has 19 years of diversified experience in print, electronic and digital media. He has worked with 92 News HD, Daily Pakistan Today, Daily The Business, Daily Dawn, Daily Times and Pakistan Observer as News Reporter, Feature Writer, Editor, Web Content Editor and Article Writer. Mr Ghumman has graduated from the Bahauddin Zakariya University Multan and is currently enrolled in M.Phil in Mass Communication at the University of Punjab.

Sports

Pakistan vs Bangladesh: Match called off due to rain on Day 2 of Dhaka Test

Day three is now scheduled to start at 9:30am local time

Published by Siddra Sumreen

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Pakistan vs Bangladesh: Match called off due to rain on Day 2 of Dhaka Test

Dhaka: Day two of the second Test between Pakistan and Bangladesh was eventually called off Sunday following multiple delays and resumptions due to rain in Dhaka.

The play had resumed after lunch, following rain and bad light that saw the morning session in Dhaka cancelled.

However, the play had to be called off for the day due to persistent rain and a wet outfield. Day three is now scheduled to start at 9:30am local time.

Only 57 overs of play were possible on the first day on Saturday, when Pakistan reached 161-2, with skipper Babar Azam unbeaten on 60 alongside Azhar Ali, 36 not out.

Day one of the second Test was halted due to rain and bad light and it was said that the game will be resumed half an hour ahead of the scheduled time. However, the play did not resume after the tea break on Saturday.

Captain Babar Azam struck a fifty to help Pakistan make steady progress against Bangladesh before bad light forced early stumps on Saturday.

The Azam-Ali duo put on 91 runs in their unbroken third-wicket stand after Bangladesh left-arm spinner Taijul Islam removed both openers in the morning session at a 59-runs score.

Azam led the batting charge hitting seven fours and a six so far, and brought up his 19th Test fifty after rain briefly halted the game.

 

SOURCE: AFP

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Regional

NA-133 by-polls: PML-N retains seat for fourth time 

Pakistan Muslim League-Nawaz’s (PML-N) Shaista Pervaiz Malik won the NA-133 constituency—for the fourth time since 2008 although by a smaller margin as compared to when they won it in 2018 elections.  

Published by Mehak Javed

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NA-133 by-polls: PML-N retains seat for fourth time 

Lahore: As per unofficial results, the Pakistan Muslim League-Nawaz (PML-N) candidate emerged victorious in the NA-133 by-election after securing 46,811 votes and trounced the Pakistan Peoples Party.   

Pakistan Muslim League-Nawaz’s (PML-N) Shaista Pervaiz Malik won the NA-133 constituency—for the fourth time since 2008 although by a smaller margin as compared to when they won it in the 2018 elections.  

PML-N's Shaista Pervaiz Malik— the widow of late Pervez Malik, emerged victorious after retaining the seat in a constituency that has long been the party's stronghold.  

Unofficial, preliminary results showed Malik defeated PPP opponent Aslam Gill by a margin of 14,498 votes, according to the unofficial results, 

PML-N secured 46,811 votes, while PPP candidate remained runner up by securing 32,313 votes.

However, PPP's Gill, got 26,728 more votes now as compared to the 2018 polls, when he obtained only 5,585. 

According to forum 47, the results of 254 were calculated. Out of 440485 votes in the constituency, 80997 votes were casted. 

The voters turn-out remained 18.59%, including 50936 males and 30959 females, whereas, 898 votes were wasted. 

Following the victory, Pakistan Muslim League – Nawaz (PML-N) President Shahbaz Sharif and Vice-president Maryam Nawaz extended their congratulations on party’s victory in NA-133 by-elections

Eleven candidates were contesting in NA-133 election. However, a tough contest was already expected between PML-N and PPP.

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Business

PM Imran Khan to inaugurate Karachi’s Green Line BRT on Dec 10

Commercial operation of the Green Line bus project will begin from December 25

Published by Siddra Sumreen

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PM Imran Khan to inaugurate Karachi’s Green Line BRT on Dec 10

Islamabad: Federal Minister for Planning and Development Asad Umar on Sunday has announced that the multi-billion Green Line bus project will be inaugurated by Prime Minister Imran Khan on December 10.

Asad Umar took to his official Twitter handle and made the announcement.

Umar said in his tweet that the premier will inaugurate Karachi’s first modern transport system, Green Line BRT, on the 10th of December.

The minister earlier in the day announced that the commercial operation of the Green Line bus project will begin from December 25

Karachi’s Green Line BRT project with intersections is 24 km long which includes 12.7 km elevated, 10.9 km at grade, and 422 meters underground, and has 25 stations.

The phase-II common corridor from Gurumandir up to Municipal Park with a length of 2.5 km has two underpasses at M.A Jinnah Road.

The state-of-art subversive bus terminal with a parking facility and the commercial mezzanine floor was being also being constructed at Numaish. The construction work on Phase-I was started in 2016.

 

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