Global oil prices decline as China’s economic data disappoints

SINGAPORE: Oil prices fell on Monday after reports that China’s third-quarter economic growth did not rise as much as expected, underscoring concerns that surging coronavirus cases globally are impacting demand in the world’s largest oil importer. The world’s second-largest economy

OGDCL announces new oil, gas discovery in Kohat

ISLAMABAD: Oil and Gas Development Company Limited (OGDCL) announced to discover new reserves of oil and gas in Pakistan. According to a statement, the new discoveries of oil and gas reverses have been made in Kohat district of Khyber Pakhtunkhwa.

US seizes four Iranian oil tankers

WASHINGTON: The United States has seized four Iranian oil tankers bound for Venezuela carrying oil from Iran. The ships contained 1.1 million barrels of oil. The US seized the ships in violation of US sanctions on Iran. On the other

Saudi Aramco profit crashes 73% amid signs of recovery

RIYADH: State oil giant Saudi Aramco’s profit has plunged 73 percent in the second quarter of the year amid a slump in energy demand and prices due to the coronavirus crisis. All major oil companies have taken a hit in

MOL Group makes new gas, oil discovery in district Kohat

ISLAMABAD: MOL Group has announced the discovery of new gas and condensate in Tal Block in district Kohat, which accounts for twenty percent of oil production in the country. The company released a statement regarding the new gas and condensate

Is the oil price hike result of an incompetent government?

Prime Minister Imran Khan has approved a summary of recommendations to hike up the prices of petroleum products. The news came and went into effect overnight without giving people the chance to even react and sent shockwaves through the economy.

OGRA forms 22 enforcement teams to inspect oil depots

ISLAMABAD: Oil and Gas Regulatory Authority (OGRA) has decided to activate 22 enforcement teams aimed at inspecting oil depots across the country and ending the artificial fuel shortage. OGRA spokesman said the teams of the regulatory body along with the

Fuel shortages

An unusual situation has been observed leading to a shortage of petrol and diesel at fuel stations across the country adding to the miseries of people. The government has reduced the price of petrol but people still have to endure

Minister warns of action against OMCs creating petrol shortage

ISLAMABAD: Minister for Petroleum Omar Ayub Khan said the government has decided to take stern action against oil marketing companies (OMCs) and dealers creating artificial shortage of petroleum products. In a tweet, the minister said that it has been decided

Import of Euro-V compliant petroleum products approved

ISLAMABAD: The Cabinet Committee on Energy (CCOE) on Thursday approved the imports of the import of Euro-V compliant diesel and petrol products. A CCOE meeting, chaired by Planning Minister Asad Umar, approved the proposals of the Ministry of Energy (Petroleum

Saudi cabinet urges OPEC+ countries to further reduce oil production

RIYADH: Saudi Arabia’s cabinet has urged OPEC+ countries to further reduce oil production rates to restore balance in global crude markets, state news agency reported on Wednesday. Saudi Arabia urged oil-producing nations not only to adhere to agreed cuts to

Saudi Arabia triples VAT rate to support coronavirus-hit economy

RIYADH: Saudi Arabia will triple its value-added tax rate and suspend a cost of living allowance for state employees, the kingdom’s finance minister said on Monday, as part of austerity measures to support its coronavirus-hit economy. “The cost of living

OGRA recommends cutting Rs20 per litre in petrol prices from May

KARACHI: The Oil and Gas Regulatory Authority (OGRA) has recommended cutting Rs20.68 per litre for petrol from tomorrow. According to an official, Ogra has sent its summary to the energy ministry’s petroleum division, which will then forward it to the finance

Venezuela appoints alleged drug trafficker as oil minister

CARACAS: Venezuelan President Nicolas Maduro has appointed his economy vice president, Tareck El Aissami, who has been indicted in the United States on drug trafficking charges as oil minister. Maduro named Asdrubal Chavez, cousin of the late President Hugo Chavez,

Oil price glut

The global economy is reeling from the effects of the coronavirus pandemic. For the first time in history, the price of US crude oil turned negative as demand wiped out amid a shortage glut and a plunging economy. The West

US oil prices drop to 21-year low over declining demand

NEW YORK: The price of oil collapsed to more than two-decade low on Monday, falling to a level not seen since 1999, as demand dries up and storage runs out. The price of a barrel of West Texas Intermediate (WTI),

IEA projects record fall in oil demand due to coronavirus

NEW YORK: The International Energy Agency (IEA) on Wednesday projected that global oil demand will fall by a record amount this year as lockdown measures imposed to curb the coronavirus outbreak bring the economy to a virtual halt. The overall

Crude price surge as top oil producers agree historic cuts

LONDON: Global crude prices went soaring on Monday as oil-producing countries agreed on historic output cuts to prop up prices hammered by the coronavirus crisis and a Russia-Saudi price war The US benchmark WTI climbed 7.7 percent to $24.52 a

Declining economy and effects of coronavirus

The coronavirus has now spread to over 150 countries around the world. There is panic even in developed countries such as the USA and Europe over the global pandemic. Along with the loss of thousands of lives so far, the

Oil wars and coronavirus

The novel coronavirus does not appear to be slowing as countries around the world are adopting drastic measures to stamp out the epidemic. Global equity markets have collapsed, trade routes have been disrupted and the global economy could lead to

Stock market and oil prices

It must be clear that the stock market is merely a reflection of the state of the economy. In today’s era of economic war, the future of world economy can be predicted by witnessing the economies of China and United

PSX plummets as global markets crash, oil prices plunge

KARACHI: The Pakistan Stock Exchange plummeted on Monday as global markets crashed amid rising fears of the spread of coronavirus and its effects on the global economy. The stock market received a hammering with a crash in oil prices creating

Oil tanker overturns on national highway near Nawabshah

NAWABSHAH: A high-speeding oil-tanker overturned on the National highway road near Qazi Ahmed, district Nawabshah. According to the reports, the oil tanker overturned due to the over-speeding spilling over 44,000 liters of fuel on the road. After the accident was

Petrol price reduced by Re0.25 per litre for December

ISLAMABAD: The government on Saturday announced decrease in the prices of petroleum products for the month of December. The decision was made on recommendations by the Oil & Gas Regulatory Authority (Ogra) which proposed the decrease to pass on the

Saudi Aramco listing

Saudi Aramco, the world’s most profitable organisation, finally has a price tag. After years of delay, Saudi Arabia has placed a value of $1.71 trillion on the state-owned energy giant – making it also by far the most valuable company

Saudi oil giant Aramco heads for record-setting market debut

RIYADH: Saudi Arabia announced on Sunday the stock market debut of energy giant Aramco in what could be the world’s biggest IPO. After years of delay, Aramco said it plans to sell an unspecified number of shares on the Riyadh

OGDCL to begin drilling for shale gas in Sindh

ISLAMABAD: Oil and Gas Development Company Limited (OGDCL) is set to begin drilling for the exploration of shale gas and oil deposits in Sindh in December. The report confirmed the presence of 10,159 trillion cubic feet (TCF) Shale gas and

PM directed to control flour price: Firdous Awan

ISLAMABAD: Special Assistant to Prime Minister on Information and Broadcasting Dr. Firdous Ashiq Awan said that Premier Imran Khan has directed to control the price of flour. While briefing the media on cabinet decisions in Islamabad, PM directed to control

Rouhani slams US imposed sanctions in his UN address

NEW YORK: Iranian President Hassan Rouhani has said that Washington “pay more” for any deal that goes beyond the 2015 Iran nuclear deal that the United States abandoned. The Iranian President Hassan Rouhani on Wednesday was addressing United Nations where

OGDCL launches 13 additional wells producing 515 BPD crude oil

ISLAMABAD: The Oil and Gas Development has launched 13 new wells producing 373, 515 barrels of crude oil and 4,86 million cubic feet of gas The Oil and Gas Development Company Limited (OGDCL) has entered 13 additional wells, producing 373,515