oil
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Biden to release 15m barrels from US oil reserves: official
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[ad_1] US President Joe Biden speaks in the East Room of the White House about Russian military activity near Ukraine February 22, 2022, in Washington, DC. — AFP WASHINGTON: US President Joe Biden will announce Wednesday he’s putting the final 15 million barrels on the market from a record release of US strategic oil reserves,…
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Saudi Arabia says OPEC+ oil cut ‘purely economic’ | The Express Tribune
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[ad_1] CAIRO: Saudi Arabia rejected as “not based on facts” criticism of an OPEC+ decision last week to cut its oil production target despite US objections, and said Washington’s request to delay the cut by a month would have had negative economic consequences. The OPEC+ decision was adopted through consensus, took into account the balance…
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Oil down on strong dollar | The Express Tribune
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[ad_1] NEW YORK: Oil futures fell for a third day on Wednesday, as a stronger dollar and worries about weaker demand and rising interest rates outweighed supply concerns that followed last week’s OPEC+ cut to its production target. Both OPEC and the US Energy Department slashed their demand outlooks. Last week, together with allies including…
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Oil falls on fears of global recession | The Express Tribune
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[ad_1] NEW YORK: Oil prices fell about 2% on Tuesday, extending the previous session’s almost 2% decline, as recession fears and a flare-up in Covid-19 cases in China raised concerns over global demand. World Bank President David Malpass and International Monetary Fund Managing Director Kristalina Georgieva warned on Monday of a growing risk of global…
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Oil demand sinks by 22% to 1.5m tons | The Express Tribune
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[ad_1] KARACHI: The demand for petroleum products declined by a notable 22% to 1.52 million tons in September 2022, compared to the same month last year, as record-high prices and the cataclysmic floods restricted economic activities from resuming. Due to the floods inundating the fields, agricultural activities came to a standstill, reducing the sale of…
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Oil jumps more than $3 | The Express Tribune
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[ad_1] LONDON: Oil prices jumped by more than $3 on Monday as OPEC+ considers reducing output by more than 1 million barrels per day (bpd) to buttress prices with what would be its biggest cut since the start of the Covid-19 pandemic. Brent crude futures rebounded $3.37, or 4%, to $88.51 a barrel by 1100…
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Oil prices slide, hit 9-month lows | The Express Tribune
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[ad_1] NEW YORK: Oil prices hit nine-month lows on Monday in choppy trade, pressured by a strengthening dollar as market participants awaited details on new sanctions on Russia. Brent crude futures for November settlement fell by $1.09, or 1.3%, to $85.06 a barrel by 1558 GMT. The session low was $84.51, the lowest since January…
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Oil jumps nearly 3% | The Express Tribune
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[ad_1] NEW YORK: Oil prices rose nearly 3% on Friday as supply outages in Libya and expected shutdowns in Norway outweighed expectations that an economic slowdown could dent demand. Brent crude futures were up $2.71, or 2.5%, at $111.74 a barrel by 1726 GMT, while West Texas Intermediate crude (WTI) gained $2.81, or 2.7%, to…
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Govt plans to raise edible oil production to 4.8m tons | The Express Tribune
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[ad_1] ISLAMABAD: The government has planned to increase the annual edible oil production up to 4.79 million tons over the next 10 years in an effort to take the country towards self-sufficiency in food commodities, especially in edible oil. Minister for Planning and Development Ahsan Iqbal presided over a meeting on Friday to review the…
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5 more palm oil carrying ships to arrive by July 10 | The Express Tribune
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[ad_1] ISLAMABAD: Indonesian Ambassador Adam Mulawarman Tugio has said that palm oil supply from Indonesia to Pakistan will be completed by July 10 under the current phase. “So far five ships have arrived in the port city of Karachi and another five will arrive by July 10,” Tugio said while talking to APP on Friday.…
