oil
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Iraq oil exports $11.07 bn in March, highest for 50 years
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[ad_1] Photo: AFP/file BAGHDAD: Iraq exported $11.07 billion of oil last month, the highest level for half a century, as crude prices soared amid shortfall fears following Russia’s invasion of Ukraine, the oil ministry said. The second largest producer in the Organization of the Petroleum Exporting Countries (OPEC), Iraq exported “100,563,999 barrels for revenues of…
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Govt mulls new levy on oil products | The Express Tribune
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[ad_1] ISLAMABAD: The government is planning to impose infrastructure development levy (IDL) of Re1 per litre on petroleum products to generate around Rs354 billion and build strategic reserves of around 2 million tons. Sources told The Express Tribune that the government wanted to build the strategic petroleum reserves to cover 30 days of requirement. It…
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Oil prices dive as US moves to release reserves | The Express Tribune
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[ad_1] HOUSTON: Oil prices tumbled on Thursday with the United States set to announce the largest ever release from its Strategic Petroleum Reserve, while OPEC+ stuck to its existing deal for May output. Brent crude futures for May, which expire on Thursday, were down $5.28, or 4.65%, at $108.17 a barrel by 12:31 AM ET.…
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Oil jumps 4% on tight supply | The Express Tribune
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[ad_1] NEW YORK: Oil prices soared about 4% on Wednesday on supply tightness with another US crude stock drawdown, and the growing prospect of new Western sanctions against Russia even as Moscow and Kyiv held peace talks. Brent futures rose $4.17, or 3.8%, to $114.40 a barrel by 1457 GMT, while US West Texas Intermediate…
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Oil drops $3 on positive signals from Russia-Ukraine peace talks | The Express Tribune
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[ad_1] HOUSTON: Oil prices dropped on Tuesday, extending losses from the previous day on signs of progress in talks between Russia and Ukraine to end their weeks-long conflict, with prices further pressured by China’s new lockdowns to curb the spread of the coronavirus. Brent crude fell $2.88, or 2.6%, to $109.61 a barrel by 11:07…
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Oil drops $6 on positive signals from Russia-Ukraine peace talks | The Express Tribune
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[ad_1] LONDON: Oil prices dropped on Tuesday, extending losses from the previous day on signs of progress in talks between Russia and Ukraine to end their weeks-long conflict, with prices further pressured by China’s new lockdowns to curb the spread of the coronavirus. Brent crude fell $6.51, or 5.8%, to $105.97 a barrel by 1342…
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Oil slides on concerns of weaker Chinese demand | The Express Tribune
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[ad_1] LONDON,: Oil prices tumbled more than $9 on Monday as fears grew over weaker fuel demand in China after financial hub Shanghai’s lockdown to curb a surge in Covid-19 infections. Brent crude futures slid as low as $111.17 a barrel and were trading down $9.02, or 7.4%, at $111.63 a barrel by 1403 GMT.…
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COP26: the oil and gas predicament | The Express Tribune
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[ad_1] If COP26 could not do much against oil and gas, the recent high prices have done the deserved or undeserved damage to the future of oil and gas. Renewable lobby has always considered low oil and gas prices to be a bad news, as it makes renewable uncompetitive and the drive to phase out…
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Oil prices jump, stocks fall over inflation, Russia concerns
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[ad_1] Photo: AFP LONDON: Oil prices surged while stock markets fell on Wednesday on renewed fears over Russian energy supplies and soaring inflation. Crude futures jumped more than 4% with Brent North Sea, the international benchmark, exceeding $120 per barrel. Russian Deputy Prime Minister Alexander Novak on Wednesday warned that a ban on Russian oil…
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Oil jumps 5% as pipeline disruption adds to supply fears | The Express Tribune
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[ad_1] LONDON/NEW YORK: Oil prices jumped 5% to over $121 a barrel on Wednesday as a weather-related disruption to Russian and Kazakh crude exports via the Caspian Pipeline Consortium (CPC) pipeline added to worries over tight global supplies. Brent crude futures were up $5.95, or 5.1%, at $121.43 a barrel as of 12:01 PM EDT…
