oil
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Report projects up to Rs41 cut in oil prices | The Express Tribune
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[ad_1] KARACHI: The government is expected to make a massive reduction of up to Rs41 per litre in petroleum product prices for the second fortnight of October as a sharp drop in the global oil market and a significant recovery of Pakistani rupee have made imports cheaper. The projection, if comes true, will slow down…
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Cnergyico receives first Russian oil cargo | The Express Tribune
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[ad_1] ISLAMABAD: Cnergyico Pk has received the first cargo of Russian Urals crude at its Single Point Mooring (SPM) facility, which will clear the way for handling larger ships with oil consignments later. Earlier, Pakistan Refinery Limited (PRL) imported 100,000 tons of Russian crude oil, which was first divided into two ships at an Omani…
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Oil set for 3rd weekly gain | The Express Tribune
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[ad_1] BENGALURU: Oil prices hit a 10-month high on Friday and were set to post a third weekly gain as supply tightness spearheaded by Saudi Arabian production cuts combined with optimism around Chinese demand to lift crude. By 1615 GMT, US West Texas Intermediate futures were up 62 cents, or 0.7%, to $90.78 a barrel…
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Oil crisis brews as depots run dry | The Express Tribune
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[ad_1] ISLAMABAD: The government on Tuesday feared oil crisis as retail outlets of some oil marketing companies (OMCs) were reportedly found dry at a few locations in the country. Keeping in view this situation, the Petroleum Division called upon the Oil and Gas Regulatory Authority (Ogra) chairman to take regulatory action against those companies operating…
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Oil bonded warehouse policy’s impact on economy | The Express Tribune
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[ad_1] ISLAMABAD: Recently, an oil bonded warehouse policy has been announced. This is one of the best and useful policies that one would have seen in recent years. Petroleum Division is the author of this policy along with input from relevant agencies like the Federal Board of Revenue (FBR), Customs and commerce ministry, who deserve…
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Oil up at 9-month high | The Express Tribune
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[ad_1] NEW YORK: Oil prices rose about 1% to a nine-month high on Friday on rising US diesel futures and worries about tight oil supplies after Saudi Arabia and Russia extended voluntary cuts this week. Brent futures rose 76 cents, or 0.9%, to $90.68 a barrel by 1608 GMT. US West Texas Intermediate (WTI) crude…
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G7 shelves oil cap reviews as prices soar | The Express Tribune
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[ad_1] BRUSSELS: The Group of Seven (G7) and allies have shelved regular reviews of the Russian oil price cap scheme, people familiar with the matter told Reuters, even though most Russian crude is trading above the limit because of a rally in global crude prices. Russian producers have found ways to sell oil using fewer…
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Oil storage, trade policy sparks controversy | The Express Tribune
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[ad_1] ISLAMABAD: Amidst protests from the oil industry, the government has officially released policy guidelines aimed at encouraging foreign suppliers to invest in the storage and trade of petroleum products, including crude oil. This move involves allowing foreign suppliers and their registered subsidiaries to maintain inventories of crude oil and petroleum products within their own…
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Oil dips on worries about Chinese demand | The Express Tribune
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[ad_1] LONDON: Oil prices fell slightly on Tuesday as investors remained focused on the likelihood that China’s economic malaise will keep hobbling demand from the world’s top crude importer. Brent crude was down 36 cents at $84.10 a barrel by 1545 GMT. The more active US West Texas Intermediate October contract slipped 36 cents to…
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Of rising oil prices and the devaluing rupee | The Express Tribune
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[ad_1] KARACHI: There’s an old adage that says, ‘Prepare for the worst and hope for the best.’ As Pakistan faces the twin challenges of rising oil prices and a declining rupee, this wisdom could not be more relevant. Being a nation that imports energy products, Pakistan annually incurs substantial costs, which amounted to $17 billion…
