oil
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Oil industry warns of supply chain breakdown | The Express Tribune
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[ad_1] ISLAMABAD: A major oil industry lobby has warned of impending breakdown in the energy supply chain as companies are facing financial crisis following refusal of international banks to accept Letters of Credit (LCs) opened by Pakistani banks. In an SOS call, Oil Companies Advisory Council (OCAC) Chairman Waqar Irshad Siddiqui revealed that the oil…
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Oil climbs above $121 as China eases curbs | The Express Tribune
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[ad_1] LONDON: Oil prices climbed above $121 a barrel on Monday, hitting a two-month high as China eased Covid-19 restrictions and traders priced in expectations that the European Union will eventually reach an agreement to ban Russian oil imports. Trading activity was muted due to a public holiday in the United States. The Brent crude…
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‘Govt doesn’t rule out oil, wheat import from Russia’ | The Express Tribune
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[ad_1] ISLAMABAD: The Foreign Office on Friday did not rule out the possibility of Pakistan importing oil and food products from Russia, saying the country has an “open policy” driven by the national interest to expand economic and trade relations. “Our policy is clear, you know in terms of expanding economic and trade relations, we…
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Ministry for collecting oil levy, GST | The Express Tribune
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[ad_1] ISLAMABAD: While cautioning about the widening current account deficit and mounting pressure on the country’s foreign currency reserves, the Ministry of Finance has called for resuming the collection of petroleum development levy and general sales tax (GST) from the consumers of petroleum products. Sources told The Express Tribune that the finance ministry drew the…
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Oil prices rise on tight global supply | The Express Tribune
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[ad_1] NEW YORK: Oil prices edged higher on Tuesday, recovering earlier losses, as tight global supply and an expected pick-up in demand during the US summer driving season balanced concerns over a possible recession and China’s Covid-19 curbs. The European Union is moving closer to agreeing a ban on Russian oil imports. Such an embargo…
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Oil steadies as recession worry offsets demand outlook | The Express Tribune
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[ad_1] HOUSTON: Oil prices were little changed on Monday, as worries over a possible recession offset an outlook for higher fuel demand with the upcoming US summer driving season and Shanghai’s plans to reopen after a two-month coronavirus lockdown. Brent crude futures were up 32 cents, or 0.3%, to $112.90 a barrel by 1743 GMT.…
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Iraq to establish new oil company in Kurdistan | The Express Tribune
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[ad_1] BAGHDAD: Iraq’s federal government aims to establish a new oil company in the Kurdistan region, the oil ministry said on Saturday. The aim of the new company will be to enter into new service contracts with oil firms currently operating there under the Kurdistan Regional Government (KRG), according to a statement. Oil Minister Ihsan…
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Oil, gas production drops on fields’ shutdown | The Express Tribune
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[ad_1] KARACHI: Pakistan’s oil and gas production dropped 5% and 3.5% respectively during the week ended on Thursday as two fields were shut down for annual overhaul. The planned turnaround of the oil and gas fields occurred at a time when the country was suffering from energy crisis like prolonged power outages for residential, industrial…
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Oil jumps to 7-week high, then dips on supply hopes | The Express Tribune
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[ad_1] NEW YORK: Oil prices jumped above $115 a barrel on Tuesday, their highest in about seven weeks, as the European Union kept pushing for a ban on Russian oil imports that would tighten supply. Prices retreated and were slightly lower after Reuters reported that sources said US President Joe Biden’s administration will authorise as…
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Oil rises on China demand optimism | The Express Tribune
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[ad_1] NEW YORK: Oil prices rose on Monday on optimism that China would see significant demand recovery after positive signs that coronavirus pandemic was receding in the hardesthit areas. Brent crude rose $1.34, or 1.2%, at $112.89 a barrel at 1342 GMT, while US West Texas Intermediate (WTI) crude rose $2.22 to $112.71 a barrel.…
