oil
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Pakistan to start importing Russian oil this month: Malik | The Express Tribune
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[ad_1] KARACHI: Minister of State for Petroleum Dr Musadik Malik has said that talks between Islamabad and Moscow are underway for the import of oil, adding that Pakistan will begin importing Russian crude oil at discounted rate from this month. He said this while addressing petroleum dealers and businessmen and industrialists in Karachi at the PSO…
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OPEC+ cuts put $100/bbl oil back in sight | The Express Tribune
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[ad_1] SEOUL/ SINGAPORE/ LONDON: Surprise new cuts to the OPEC+ group’s output targets could push oil prices towards $100 a barrel, setting the scene for another clash with the West grappling with higher interest rates, analysts and traders said on Monday. The decision signals unity within OPEC+ despite Washington’s pressure on its Gulf allies to…
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Oil prices soar almost 6% after OPEC+ output cut
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[ad_1] This picture shows oil pumpjacks along a section of Highway 33 known as the Petroleum Highway north of McKittrick in Kern County, California. — AFP/File HONG KONG: Oil prices soared almost 6% in Asian trade Monday morning after major producers led by Saudi Arabia announced a surprise cut of more than one million barrels…
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Saudi Arabia, OPEC+ producers announce surprise oil output cuts | The Express Tribune
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[ad_1] DUBAI: Saudi Arabia and other OPEC+ oil producers on Sunday announced voluntary cuts to their production amounting to around 1.15 million barrels per day in a surprise move they said was aimed at supporting market stability. The group had been largely expected to stick to its already agreed 2 million bpd cuts when its…
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Oil ticks up as US inflation cools | The Express Tribune
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[ad_1] BENGALURU: Oil prices nudged higher on Friday with US inflation data showing some signs of slowing price rises, but for the month, oil was on course for its weakest performance since November. Brent futures, which have risen nearly 6% this week, were up 26 cents, or 0.3%, at $79.53 a barrel by 1456 GMT.…
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Russian crude oil to arrive in Pakistan next month
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[ad_1] An undated image of Minister of State for Petroleum Dr Musadik Malik addressing a press conference. — APP/File Minister of State for Petroleum Dr Musadik Malik said the first consignment of crude oil from Russia will arrive in the first week of April, Radio Pakistan reported Friday. Malik, in an interview with a private…
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Oil prices ease to 5-week low | The Express Tribune
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[ad_1] NEW YORK: Oil prices fell about 1% to a five-week low on Tuesday as the collapse of Silicon Valley Bank (SVB) sparked fears of a fresh financial crisis that could reduce future oil demand. Brent futures were down 51 cents, or 0.6%, to $80.26 a barrel by 1536 GMT, while US West Texas Intermediate…
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Oil, gas industry urged to take on climate fight
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[ad_1] Sultan Al Jaber, the president of this year’s UN climate talks. AFP HOUSTON: Sultan Al Jaber, the president of this year’s UN climate talks, on Monday said the oil and gas industry must lead the fight against climate change. Al Jaber is minister of industry for the United Arab Emirates and is also chief…
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Maiden Russian crude oil shipment due next month | The Express Tribune
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[ad_1] ISLAMABAD: The first oil cargo from Russia is expected to arrive in Pakistan by the end of April after the latter agreed to the former’s demand to import a single cargo first as a test case to bridge “trust deficit”. Moscow has already offered to export 100,000 barrels of crude oil per day to…
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Oil industry fears ‘collapse’ as cash constraints tighten
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[ad_1] An overview shows tankers parked outside a local oil refinery in the port city of Karachi, on February 22, 2011. — AFP KARACHI/ISLAMABAD: The local oil industry has rung alarm bells and said that it was verging on “collapse” as the massive rupee devaluation has multiplied its operational costs — resulting in losses worth…
