Int’l oil mar­ket bankrupt­ing na­tions: UIG

The Pak Banker - - NATIONAL -

Chair­man of the United In­ter­na­tional Group Mian Shahid on Sun­day said volatile in­ter­na­tional oil mar­ket is bankrupt­ing oil ex­port­ing and im­port­ing na­tions.

Low oil prices are con­tribut­ing to global pol­lu­tion, dis­ease and cli­mate change as it has dipped by 70 per­cent since June 2014.

Low prices have dis­cour­aged in­vest­ment in en­ergy sec­tor, stalled re­search and de­vel­op­ment in re­new­able and sus­pended many LNG projects across the world, he said

Mian Shahid said that dwin­dling oil prices have also dam­aged the coal mar­ket which calls for a global ef­forts to stream­line the things.

He said that at present 33 per­cent of en­ergy need is sat­is­fied through oil, 24 per­cent through gas, 30 per­cent with coal, 4 per­cent through nu­clear power and 9 per­cent with the help of re­new­ables.

En­vi­ron­men­tal degra­da­tion, health haz­ards and cli­mate change has af­fected mil­lions around the world in ab­sence of proper car­bon tax and other se­ri­ous ini­tia­tives, he added.

Re­new­ables should be pro­moted through tax cuts and other in­cen­tives to slow down degra­da­tion oth­er­wise masses will suf­fer in shape of health and eco­nomic is­sues.

He said that cur­rently 384 bil­lion kilo­watt hour elec­tric­ity is gen­er­ated through hy­del power, 520 bil­lion kwh through wind en­ergy, 384 bil­lion kwh through biomass and waste, 96 bil­lion kw with so­lar power, 68 bil­lion geo­ther­mal and 0.5 bil­lion with the help of wave and tidal en­ergy while fur­ther de­vel­op­ment tis threat­ened.

Oil traders shouldn't be al­lowed to dam­age world which is al­ready fac­ing many is­sues, he de­manded.

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