oil
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‘No fuel crisis in Pakistan’: Govt rubbishes rumours of oil shortage
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[ad_1] Consumers line up outside a PSO station in this undated photograph. — AFP/File Responding to the rising panic in the oil industry and amongst consumers, the federal government Friday ruled out any possibility of a fuel crisis in Pakistan, stating that the oil reserves required by the country were well in stock. The ministry…
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Pakistan to begin importing Russian crude oil from March
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[ad_1] Pakistani (left) and Russian delegations during the annual inter-governmental commission in Islamabad on January 20, 2023. — Photo by reporter ISLAMABAD: Minister of State for Petroleum Musadik Malik said Friday that Pakistan would begin importing crude oil from Russia in March after the conclusion of the annual inter-governmental commission held between Islamabad and Moscow. In…
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Saudi fund to finance $1b Pak oil derivatives | The Express Tribune
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[ad_1] ISLAMABAD: The Saudi Fund for Development (SFD) will finance Pakistan’s oil derivatives worth $1 billion, the Economic Affairs Division said on Thursday. The fund’s chief executive, Sultan Abdulrahman Al-Marshad, signed an agreement pledging the financing with Economic Affairs Secretary Dr Kazem Niaz, the division said on Twitter. SFD CEO Al-Marshed said the agreement emphasised…
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Pakistan, Saudi Arabia ink over $1bn oil sector agreement
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[ad_1] Ministry of Economic Affairs Secretary Kazim Niaz (left) and Saudi Fund for Development CEO Sultan Abdulrahman Al-Marshad shake hands after signing the agreement. — Twitter/@eadgop ISLAMABAD: Pakistan and Saudi Arabia on Thursday signed an agreement worth more than $1 billion in the oil sector, through the Saudi Development Fund (SDF). A day earlier, the…
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Global oil prices dive amid reduced demand
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[ad_1] Pumpjacks photographed in the Montebello Oil Field in California, on February 23, 2022. — AFP LONDON: Global oil prices plunged Wednesday over China demand concerns and European gas prices sank to their lowest levels since November 2021 as mild winter weather reduced demand. Crude prices extended losses from a day earlier, diving around 5%,…
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Russia to ban oil exports to countries with price cap from February
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[ad_1] Russia’s President Vladimir Putin looks on during a meeting with his Belarus counterpart on the sidelines of an informal summit of the heads of state of the Commonwealth of Independent States (CIS) at the State Russian Museum in Saint Petersburg on December 27, 2022. — AFP MOSCOW: Russia issued a decree Tuesday to ban…
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Russia replaces Iraq as top oil supplier to India in Nov | The Express Tribune
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[ad_1] NEW DELHI: Russia has for the first time emerged as top oil supplier to India replacing Iraq as refiners last month snapped up oil from Moscow fearing a price cap from Dec. 5 could hit supplies and choke payment avenues, data obtained from trade sources showed. India’s oil imports from Russia rose for the…
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G7 oil price cap not to blame for Turkey tanker queues, EU says | The Express Tribune
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[ad_1] BRUSSELS: The Group of Seven countries’ (G7) price cap on Russian oil is not responsible for a queue of tankers waiting in the Black Sea to pass through Istanbul’s Bosphorus Strait on the way to the Mediterranean, the European Commission said. The number of vessels queuing in the Black Sea increased on Friday to…
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Russian delegation to visit Pakistan on Jan 20 for talks on oil deal: minister
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[ad_1] Minister of State for Petroleum Division, Dr Musadik Malik is addressing a press conference at PID media centre on August 2, 2022. APP/File State minister says US will not impose sanctions on Pakistan for proposed deal with Moscow Minister of State for Petroleum Musadik Malik Tuesday revealed a high-level delegation from Moscow will arrive in…
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Oil jumps on China easing COVID restrictions, Russia price cap
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[ad_1] In this file photo taken on September 28, 2022 oil pumpjacks are seen along a section of Highway 33 known as the Petroleum Highway north of McKittrick in Kern County, California on September 28, 2022. — AFP LONDON: World oil prices rallied Monday after more easing of strict COVID containment measures in China and…
