oil
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Shell to sell majority stake in Pakistan unit to Saudi oil firm
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[ad_1] A view of a closed petrol pump due to fake news of petrol price hike again in the country. — Online/File Shell Pakistan said its parent company’s unit, Shell Petroleum Company, has signed a deal to sell its 77.42% majority interest to Saudi Arabia-based Wafi Energy LLC, according to an official statement issued by…
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World Bank sees oil prices hitting $157 if Israel-Hamas war spills over
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[ad_1] A Palestinian man uses a fire extinguisher to douse a fire following an Israeli strike, in Khan Yunis in the southern Gaza Strip on October 14, 2023. — AFP If the war between Israel and Hamas spreads throughout the Middle East, it may cause price shocks for basic goods like oil and agricultural products,…
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Weekly inflation eases 1.7% over oil price fall | The Express Tribune
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[ad_1] ISLAMABAD: Owing to the reduction in prices of petroleum products in line with global trend and the fall in dollar rate in the wake of a crackdown on currency smugglers and hoarders, the inflation rate has come down in Pakistan, which will provide some relief to people in the current challenging times. During the…
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Israel-Hamas war: Oil prices rise, global stocks fall as humanitarian crisis worsens in Gaza
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[ad_1] A Palestinian youth looks for salvageable items amid the rubble of the Kuhail building, which was destroyed in an early morning Israeli airstrike on Gaza City on Tuesday. — AFP Oil prices rose and global stocks largely fell on Wednesday, in response to concerns that the Israel-Hamas dispute could escalate into regional warfare following…
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Oil surges 2% amid US storage draw | The Express Tribune
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[ad_1] NEW YORK: Oil prices climbed about 2% to a two-week high on Wednesday on a bigger-than-expected US storage draw and as rising tensions in the Middle East threaten to disrupt oil supplies from the region, with Iran calling for an oil embargo on Israel. Brent futures rose $1.46, or 1.6%, to $91.36 a barrel…
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Plan for G2G oil deal with Russia shelved | The Express Tribune
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[ad_1] ISLAMABAD: The government has decided to shelve plans for a long-term oil import deal with Russia under a government-to-government (G2G) arrangement and has allowed refineries to strike direct commercial agreements with companies of the European nation. Earlier, Pakistan and Russia agreed to set up a Special Purpose Vehicle (SPV) with the objective of crude…
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Oil dips on report of US-Venezuela deal | The Express Tribune
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[ad_1] HOUSTON: Oil futures fell on Monday on a report the US and Venezuela could soon reach a deal to ease sanctions on Venezuela if a presidential election date is set, while traders see the Israel-Hamas conflict not affecting crude supplies in the short term. Brent futures were down 59 cents, or 0.67%, at $90.27…
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Israel-Hamas war: Stock markets slide, oil prices surge as humanitarian crisis worsens in Gaza
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[ad_1] Fire and smoke rise after an Israeli air strike targeted the National Bank on Gaza City, on October 8, 2023. — AFP Stock markets declined on Friday, as oil prices rose amid concerns that the Israel-Hamas conflict would affect supplies in the Middle East’s crude-oil-rich region with European gas prices reaching the highest levels…
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Israel-Hamas war: Will oil prices keep increasing as attacks on Gaza continue?
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[ad_1] A fireball erupts from an Israeli airstrike in Gaza City on October 9, 2023. — AFP After violence broke out between Israel and Hamas, speculations over how the crisis may affect Middle Eastern energy production caused oil prices to soar on a global scale. On Monday, the US standard West Texas Intermediate increased 4.3%…
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Oil prices hike amid Israel-Hamas war, fueling supply fears
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[ad_1] A plume of smoke rises above buildings in Gaza City on October 7, 2023, during an Israeli air strike. — AFP After Hamas carried out a surprise strike on Israel over the weekend, raising fresh concerns about tensions in the Middle East, oil prices rose while the US dollar and yen advanced on Monday.…
