Global: Airline Industry to Report $2.3 Billion Loss on Fuel, Economy, IATA Says
Airlines may report a collective loss of $2.3 billion this year as spiraling fuel costs and a slowing economy wipe out earnings, the industry's main trade group said.
The new outlook is based on oil at $107 a barrel, the International Air Transport Association said today at its annual meeting in Istanbul. With crude at $135, losses may widen to $6.1 billion, according to the group, whose 230 members account for more than 93 percent of international airline traffic.
Argentina: Se agudiza la escasez de la nafta súper
The shortage has become structural. The oil companies say they no longer export naphthas or super premium and only sold is the common fuel or low-octane, which is almost without demand in the domestic market. In recent days, several owners of service stations have been told from the companies that the sector seems to have entered a turning point: there is less than what is needed, despite the fact that refining capacity is saturated.
Argentina: Llega otra semana con escasez de combustible
There is no sight, for now, to a possible solution to the fuel crisis, which hovers between uncertainty and anger to the owners of service stations and consumers. The shortage of diesel and naphthas seems worse now, and it is estimated by businesses that the situation will worsen way, which is attributed, they insist, tolack of government intervention. "While no action, there is no possibility that the market will be regularized," said the owner of the said the owner of the Union of vending naphtha and Allied Workers (UENyA), Luis Malchiodi.
Bolivia: Escasez de GLP requiere un solución estructural
In the border towns, where the fuel goes illegally to neighboring countries like Peru, "there must be installed distribution networks of natural gas to provide energy through this virtual pipeline, so that we reign in the use of LPG ... "said Dupleich.
China: PetroChina Parent To Keep Suspension On Diesel Exports
China National Petroleum Corp., the country's largest crude producer by output, said it will retain its halt on diesel exports and increase imports to ensure domestic supply, the official Xinhua News Agency reported Monday, citing a company manager.
The parent of PetroChina Co. (PTR) plans to import more than 2.4 million metric tons of diesel this year, the report said, citing Tian Jinghui, a vice- general manager at the group company's sales unit. It didn't give comparative figures for last year.
China: China expects power shortages amid surging demand
China could suffer electricity blackouts this summer in its eastern, southern, and central areas as demand rises ahead of supply, a senior official of the power regulator has warned.
Yu Yanshan, deputy head of the State Electricity Regulatory Commission (SERC) general office, said Guangdong Province would be short 5.5 million kilowatts, Guizhou 1 million kilowatts, and Yunnan 1.5 million kilowatts.
China: PetroChina to increase diesel output by 7% in June to ease fuel shortage
PetroChina said on Monday that it would increase its monthly diesel production by 7 percent in June month-on-month, to ease the current fuel shortages partly caused by the May 12 quake relief work.
Operation of a PetroChina refinery in Nanchong city, Sichuan Province, was halted after the deadly earthquake and the busy summer harvest season also contributed to the rising domestic fuel demand, said the company.
China: China sees 8 mln kilowatt power shortfall in 3 southern provinces this summer
A power deficit of around 8 mln kilowatts is expected in the southern provinces of Guangdong, Guizhou and Yunnan during the peak summer demand season, the State Electricity Regulatory Commission (SERC) said.
The power shortfall is likely to be 5.5 mln kW in Guangdong, 1 mln kW in Guizhou and 1.5 mln kW in Yunnan, said Yu Yanshan, deputy director of SERC's general office, in an online interview posted on the central government's website.
India: India Can't Allow Subsidies to Increase, Singh Says)
India's Prime Minister Manmohan Singh said subsidies can't be allowed to rise any further, indicating his government may increase fuel prices capped since February.
``Petroleum prices don't reflect world trends,'' Singh told the Associated Chambers of Commerce and Industry in New Delhi. ``This situation cannot continue for ever. We need further political consensus to adopt more rational economic policies.''
India: Punjab orders raids over reports of fuel shortage
The Punjab government on Monday woke up to rumours of an imminent petro price hike that could trigger a fuel shortage in the state and ordered raids on dealers, hording petrol and diesel.
There were reports that oil Companies had suspended petrol and diesel supply to some districts in the state. The move has created a shortage of fuel, especially diesel, due to which farmers and transporters were facing inconveniences, though stocks of petrol were available at almost all the filling stations.
India: In India, the slick's showing
In India, the situation is getting worse day-byday. Crude prices, which have been rising at a scorching pace over the past 12 months, are putting a significant pressure on the Indian economy. While the government’s decision not to pass on the rising costs to retail consumers has shielded them against run-away inflation, it has encouraged wasteful consumption of petroleum products and left oil marketing companies without any money.
India: 12 hrs without power, residents sweat it out as Admn ‘works’
In Chandigarh, citizens not only have to fund ‘developmental work’ by paying taxes to the government, but they are also expected to give up their comforts for the “cause”.
Residents of Sector 44 have been going without electricity throughout the day — courtesy the UT Administration’s project to widen the city roads. It has been four days now since the residents were besieged by acute power shortage, though Sunday came as a relief as no widening work was carried out.
Pakistan: Advancing of clocks creates confusion
FIRST of June was perhaps a very confusing day in the lives of the people as everything went almost haywire after the smaller hand of clock was forwarded one hour.
On June 1, the clocks jumped an hour ahead to save the day light time and extract the maximum possible work potential but it brought a lot of confusion and inconvenience for the people of the country in general and the citizens of the Provincial Metropolis in particular.
Philippines: Electricity shortage
If you believe Department of Energy figures, there is a serious shortage of electricity, especially in the Visayas and Mindanao where the local economy has been growing at double the rate of growth in Metro Manila.
Russia: Russian June local oil prices soar on export rush
Russian domestic oil prices for June delivery jumped to a new all time high on a severe crude shortage at home as oil firms rushed to export more to take advantage of record global prices, traders said.
Traders polled by Reuters said prices rose by over 20 percent or 2,000 roubles ($84.24) per tonne from May.
South Africa: Japan's platinum offsets shortage
South Africa is responsible for 75% of global platinum supply. Countrywide electricity shortages, forcing miners to reduce power consumption by 10%, have resulted in output shortfalls that sent spot prices to a record $2,299 a troy ounce in March. On Friday, the spot price rose $21 to $2,008 a troy ounce in London. The July futures contract gained $23.60 to $2,013.80 on the New York Mercantile Exchange.
South Africa: Oil doubles deficit to ‘shock’ R10bn
SA’s trade deficit doubled to R10bn last month, buoyed mainly by a huge leap in the bill for oil imports, which climbed to a record R16,9bn on the back of rising global prices.
South Africa: Business to be consulted on load-shedding
THE Nelson Mandela Bay metro intends to bring business into load-shedding planning, municipal manager Graham Richards has told council.
Richards said this was the result of representations from commerce and industry, contending they were “taking the full brunt of load-shedding”.
Eskom was running “very close to capacity” and if demand exceeded this or stations were taken down for maintenance, load- shedding would be inevitable.
