oil
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Big oil sector players ‘left out’ of key meeting | The Express Tribune
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[ad_1] ISLAMABAD: Oil marketing companies (OMCs) and refineries have complained that the Oil and Gas Regulatory Authority (OGRA) ignored major industry players in a meeting held on Wednesday. In this regard, the Oil Companies Advisory Council (OCAC) has written a letter to Ogra chairman, lodging its protest and showing serious concern over the matter, sources…
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Oil jumps more than 5% on Russia tensions
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[ad_1] The price of benchmark oil contract, Brent North Sea crude, jumped more than 5% to back above $100 per barrel after Russia rejected a ruling from the UN’s court to suspend its Ukraine offensive. Photo: AFP LONDON: Oil prices soared Thursday on tensions surrounding key producer Russia, as equities diverged with traders tracking also…
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Committee to review oil, gas imports | The Express Tribune
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[ad_1] ISLAMABAD: The Senate Standing Committee on Cabinet Secretariat has set up a three-member sub-committee to review the modalities of oil and gas imports and electricity pricing. The sub-committee will submit its report to the standing committee after due deliberations. Nepra and Ogra on Wednesday gave a detailed briefing to the parliamentary panel, which met…
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UAE mulls building oil reserves | The Express Tribune
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[ad_1] ISLAMABAD: The United Arab Emirates (UAE) has shown interest in building strategic oil reserves in Pakistan – a project which will help cope with shortages if such a problem arises in future. In the past, Pakistan has faced oil shortages several times due to the lack of strategic reserves. Surprisingly, the government banned imports…
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IEA cuts oil demand outlook, fears Russia supply ‘shock’
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[ad_1] A representational image. — AFP/File PARIS: The International Energy Agency (IEA) cut its world oil demand forecast for 2022 on Wednesday, warning that sanctions against Russia over its invasion of Ukraine could spark a global supply “shock”. “Faced with what could turn into the biggest supply crisis in decades, global energy markets are at…
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‘Think twice before buying Russian oil’, US tells India | The Express Tribune
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[ad_1] The US on Wednesday urged India not to proceed with plans to purchase discounted Russian crude oil, saying doing so would be seen as an act of supporting Moscow’s “leadership” as its military offensive in Ukraine continues. The remarks come after an official in New Delhi was quoted as saying his country would be…
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Oil rises above $100 as supply concerns balance Ukraine talks | The Express Tribune
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[ad_1] LONDON: Oil rose above $100 a barrel in a volatile session on Wednesday, finding support from supply concerns and easing worries about slowing Chinese demand, while signs of progress in Russia-Ukraine peace talks limited gains. Three million barrels per day of Russian oil and products may not find their way to market beginning in…
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Oil price rout brings sigh of relief | The Express Tribune
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[ad_1] KARACHI: Pakistan’s economic managers heaved a sigh of relief as global crude oil prices returned to below $100 a barrel on hopes of early resolution of the conflict between Russia and Ukraine, as the two countries are likely to reach a middle ground during the ongoing talks. West Texas Intermediate (WTI) crude oil dropped…
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Oil plunges over 7% on easing supply concerns | The Express Tribune
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[ad_1] NEW YORK: Oil prices tumbled more than 7% to their lowest in almost three weeks on Tuesday as supply disruption fears eased and surging Covid-19 cases in China spurred demand concerns. Brent futures fell $7.89, or 7.4%, to $99.01 a barrel by 11:51 AM EDT (1551 GMT), while US West Texas Intermediate (WTI) crude…
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Market watch: Stocks turn bullish due to drop in oil prices | The Express Tribune
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[ad_1] KARACHI: Bulls returned to the Pakistan Stock Exchange on Tuesday, propping up the KSE-100 index by 353 points, aided by the drop in global crude oil prices. The plunge in oil rates below $100 per barrel revived investor interest and the pessimism over further widening of the current account deficit and swelling imports subsided…
