Oil traders shouldn’t be allowed to damage world: UIG

KARACHI: 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 they had 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 in a statement.

Mian Shahid said: “Dwindling oil prices had 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 have affected millions around the world in absence of proper carbon tax and other serious initiatives, he added. He said: “Renewables should be promoted through tax cuts and other incentives to reduce 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 is threatened. Oil traders shouldn’t be allowed to damage world which is already facing many issues, he demanded.