oil
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Govt to impose regulatory duty on imported edible oil | The Express Tribune
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[ad_1] ISLAMABAD: The government has decided to impose regulatory duty on imported edible oil in a bid to promote self-sufficiency at the local level and boost exports. According to sources inside the Ministry of Food Security, sunflower and canola will be cultivated on 600,000 acres at the local level, and local production will be protected…
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US shale oil output feared to decline | The Express Tribune
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[ad_1] NEW YORK: US shale oil drillers turned from scrappy wildcatters into multi-millionaires over the past two decades, propelling the United States to become the world’s largest producer, but now they are running out of runway. Oil output gains are slowing and executives from some of the largest firms are warning of future declines from…
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No restrictions imposed on LCs for import of crude oil, LNG: SBP
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[ad_1] An undated image of the State Bank of Pakistan building in Karachi. — AFP/File The State Bank of Pakistan (SBP) Thursday clarified that no restrictions have been imposed on the opening of Letters of Credit (LCs) or contracts for the import of crude oil, liquefied natural gas (LNG) and other petroleum products. “Such information…
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Minister heads to Russia for oil and gas talks | The Express Tribune
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[ad_1] ISLAMABAD: State Minister for Petroleum Dr Musadik Malik and the petroleum secretary have flown to Russia for talks on issues including oil and gas supplies, two people close to the matter told Reuters on condition of anonymity. The trip comes as the South Asian nation struggles to meet domestic gas supply needs as winter…
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Oil prices plunge over 5% to lowest levels since January
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[ad_1] In this file photo taken on April 23, 2020 Pump jacks operate near Loco Hills in Eddy County, New Mexico. — AFP LONDON: World oil prices plunged more than 5% Monday, reaching the lowest levels since January, on forecasts of a hit to Chinese demand. Brent North Sea crude slumped 5.5% to $82.84 per…
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Finance Minister Ishaq Dar dismisses rumours surrounding default, oil shortage
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[ad_1] Finance Minister Ishaq Dar addressing a press conference via video link. — Screengrab/PTV ISLAMABAD: Assuring the nation that Pakistan will not default, Finance Minister Ishaq Dar Saturday rejected all rumours related to the oil shortage and widening credit default swap, labelled them as “baseless speculation” being spread for a political agenda. Addressing a press…
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Oil prices rise before expected Fed rate hike | The Express Tribune
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[ad_1] NEW YORK: Oil prices rose on Wednesday before an expected rate hike by the Federal Reserve, supported by another decline in US oil inventories as refineries picked up activity ahead of the winter heating season. Brent crude rose $1.74, or 1.8%, to $96.39 as of 1601 GMT, while US West Texas Intermediate (WTI) crude…
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Oil reserves discovered from Lockhart: OGDCL | The Express Tribune
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[ad_1] ISLAMABAD: Development Company Limited (OGDCL), Pakistan’s largest oil and gas exploration company, on Thursday announced the discovery of oil reserves from its exploratory well – Toot Deep-1 Well – located in the Attock district of Punjab. OGDCL, being the operator of the Toot Mining Lease, with 100% working interest has discovered oil from the…
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Oil up as hopes outweigh worries | The Express Tribune
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[ad_1] NEW YORK: Oil prices rose in choppy trade on Friday as hopes of stronger Chinese demand and a weakening US dollar outweighed concern about a global economic downturn and the impact of interest rate rises on fuel use. To fight inflation, the US Federal Reserve is trying to slow the economy and will keep…
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Russian oil only on favourable terms: Dar | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan has informed the US about its decision to buy oil from Russia but only at terms that are favourable than offered to its arch-rival India, said Finance Minister Ishaq Dar on Wednesday. Dar, in his first public event after returning from Washington, also ruled out seeking any relief from the International Monetary…
