Archive

Oil

US, UK blame Iran for attacking Israeli-managed tanker

WASHINGTON: The United States and Britain said they believed Iran carried out an attack on an Israeli-managed petroleum tanker off the coast of Oman that killed a Briton and a Romanian, both pledging to work with partners to respond. Iran

Energy Minister to negotiate with Oil Tankers Association

ISLAMABAD: The government has invited the Oil Tankers and Contractors Association for negotiation on Friday (today) after they announced a countrywide strike. A delegation of the Oil Tankers and Contractors Association have been called to the Petroleum Division where they

Finance Minister calls for providing relief to ghee, oil consumers

ISLAMABAD: Finance Minister Shaukat Tarin presided over the meeting of the National Price Monitoring Committee (NPMC) and asked to provide relief to consumers. The meeting noted that prices of palm oil and soyabean are declining trend in the international market

Dutch court orders Shell to reduce carbon emissions

AMSTERDAM: A Dutch court ordered Royal Dutch Shell to drastically reduced planned greenhouse gas emission cuts, in a landmark ruling that could trigger legal action against energy companies around the world. Shell said it was “disappointed” and plans to appeal

Oil import bill shrinks by 21.7% to $6.44bn

ISLAMABAD: The oil import bill witnessed reduction of 21.70 percent during the first eight months of the current fiscal year as compared to the corresponding period of last year. The country imported oil products worth $6445.601 million during July-February (2020-21)

Italian energy giant Eni divests Pakistan assets

ISLAMABAD: Italian multinational oil and gas company Eni has announced the sale of its Pakistan assets to Prime International Oil and Gas Company, a newly established joint venture (JV) between its local employees and Hub Power Company, the largest Independent Pakistani

Pakistan receives $1.1bn financing from ITFC for oil, LNG imports

ISLAMABAD: Pakistan and the International Islamic Trade Finance Corporation (ITFC) signed a $1.1bn trade financing facility for the import of oil and liquefied natural gas (LNG) in the current year. The document was signed by Secretary Economic Affairs Division Noor

Oil import bill shrinks by 20.90% to $5.64bn

ISLAMABAD: The oil import bill witnessed a reduction of 20.90 percent during the first seven months of the current fiscal year as compared to the corresponding period of last year. The oil imports during July-January (2020-21) were recorded at $5640.751

Dutch court orders Shell to pay Nigerian farmers for oil leaks

AMSTERDAM: A Dutch court has ordered Shell to compensate Nigerian farmers for oil spills that polluted swathes of their land in the Niger Delta. After 13 years of legal battles, an appeals court in The Hague ruled that Shell’s Nigerian

Local POL production increases by 1.57% during July-October

ISLAMABAD: Overall production of petroleum commodities has witnessed an increase of 1.57 percent during the first four months of the current financial year 2020-21 as compared to the corresponding period last year. POL products that showed positive growth include Kerosene

Oil prices rally accelerates after drop in US stocks

TOKYO: Oil price rose for a fifth day on Thursday after a surprise fall in US crude inventories rally driven by optimism that vaccines will end the coronavirus pandemic and revive demand for fuels. Brent futures were up 45 cents,

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