oil
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China’s Russian oil imports rise in April | The Express Tribune
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[ad_1] SINGAPORE/BEIJING: China’s crude oil imports from Russia rose 8.6% in April from a year earlier, as larger private refiners also embarked on purchases of the discounted fuel. Arrivals from Russia, including seaborne shipments and supplies via pipelines totalled 7.1 million tonnes or 1.73 million barrels per day (bpd), according to customs data released on…
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Pakistan exports record volume of fuel oil | The Express Tribune
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[ad_1] As the economic crisis deepens in Pakistan, the typically import-reliant nation is witnessing a remarkable surge in fuel oil exports, reaching a record 164,000 tonnes last month, the highest volume since 2017. According to data from Kpler compiled by Bloomberg, the country did not record any fuel oil imports during March and April. The…
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US could start buying oil for reserve after June sale | The Express Tribune
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[ad_1] WASHINGTON: US Energy Secretary Jennifer Granholm told lawmakers her department could start repurchasing oil for the Strategic Petroleum Reserve (SPR) after completing a congressionally mandated sale next month. “That congressionally mandated sale of 26 million barrels will be completed by June, and it’s at that point where we will flip the switch and then…
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Oil, gas firms post profits in face of debt | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan’s state-run oil and gas companies are facing a serious challenge of circular debt that is putting the oil and gas supply chain and their future investment plans at stake. Despite witnessing growth, the companies are struggling to cope with the mounting debt that could collapse the entire industry. Circular debt has been…
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Iranian oil gains popularity in Pakistan amid soaring inflation
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[ad_1] A vendor waits for customers to buy petrol from his roadside setup in Lahore on January 14, 2023. — APP/File Iranian oil, which is being sold at considerably cheaper rates, has been gaining popularity in Pakistan in recent months amid record-high inflation and near-constant increases in fuel rates. The rise of Iranian oil imports…
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Oil prices drop more than a dollar | The Express Tribune
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[ad_1] TOKYO: Oil prices dropped more than a dollar a barrel on Monday after weak economic data from China and expectations of another US interest rate hike outweighed support from OPEC+ supply cuts that take effect this month. Brent crude fell $1.27, or 1.6%, to $79.06 a barrel by 1521 GMT. US West Texas Intermediate…
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China’s big refineries crowd for Russian oil | The Express Tribune
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[ad_1] SINGAPORE: Chinese state oil giants and major private refiners are sweeping up more Russian crude, supporting prices and forcing smaller independents to seek out cheap alternatives such as Iranian oil, according to trade sources and shipping data. The demand from China’s biggest buyers, which had shied away from Russian crude in the immediate aftermath…
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Pakistan places first order for discounted Russian crude oil
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[ad_1] State Minister Musadik Malik addressing a press conference in Islamabad after Russia visit on December 5, 2022. — PID ISLAMABAD: State Minister for Petroleum Musadik Malik has confirmed that Pakistan has placed its first order for discounted Russian crude oil under a new deal struck between Islamabad and Moscow. The development comes months after Pakistan approached…
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Oil slips after three weeks | The Express Tribune
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[ad_1] LONDON: Oil slipped on Monday, after rising for three straight weeks, as concern about further interest rate hikes that could curb demand balanced the prospect of a tighter market due to supply cuts from OPEC+ producers. The US dollar rose after US jobs data pointed to a tight labour market, firming up expectations of…
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Increase local production of edible oil: experts | The Express Tribune
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[ad_1] KARACHI: Pakistan’s agriculture sector is in urgent need of attention from the government to boost the local production of edible oil. The country’s annual import of edible oil stands at a staggering $4 billion, causing a significant drain on the country’s economy. Experts suggest that the coastal areas of Sindh have high potential for…
