Verbal spat escalates between Saudi Arabia and US on oil issue

RIYADH: Saudi Arabia’s push for oil production cuts has placed a new strain on its stormy relationship with the United States, though analysts say any predictions of an all-out break are premature. The move last week by OPEC+ — composed

Oil rises to over $120/bbl after attack on Saudi facilities

HOUSTON: Crude prices rose more than 1% to over $120 a barrel on Friday, as traders reconciled the impact of a missile attack on an oil distribution facility in Saudi Arabia with a possible release of oil reserves by the

Oil majors face backlash as era of big profits returns

PARIS: Soaring energy prices have brought massive profits to oil majors — along with fierce criticism from environmentalists and politicians at a time when consumers are left with rising bills. US firm ExxonMobil, France’s TotalEnergies, and UK giants Shell and

China’s annual crude oil imports drop for first time in 20 years

BEIJING: China’s annual crude oil imports slid 5.4% in 2021, dropping for the first time since 2001, as Beijing clamped down on the refining sector to curb excess domestic fuel production while refiners drew down massive inventories. China has been

Oil gains as investors see limited Omicron impact on demand

TOKYO: Oil prices extended their rally on Monday as investor appetite improved amid growing relief the Omicron coronavirus variant may not cause severe illness and will likely have a limited impact on global fuel demand. Brent futures climbed 94 cents,

FPCCI demands withdrawal of all Taxes and Duties on edible oils

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI), has demanded the withdrawal of all taxes and duties on edible oils. President FPCCI, Mian Nasser Hyatt Maggo, expressed his concerns over surging food inflation in the country. According to

Oil prices hit three-year high amid supply deficit forecasts

WASHINGTON: Oil prices jumped to a three-year high above $85 a barrel on Friday, boosted by forecasts of a supply deficit in the next few months as the easing of coronavirus-related travel restrictions spurs demand. Brent crude futures were up

High petrol prices

The government has increased the price of petrol for the second time this month. A litre of petrol is now being sold at an all-time historic price of Rs127.30. Yet, the government claims that petrol prices are the lowest in

Govt absorbs high petrol prices to provide relief: Shaukat Tarin

ISLAMABAD: Minister for Finance and Revenue Shaukat Tarin said the increase in petroleum prices is caused by higher oil prices in international market and the government passed on minimum increase in prices to consumers. Talking to media along with Minister

Petrol prices increased due to rise in global oil market: Hammad Azhar

ISLAMABAD: Federal Minister for Energy Hamad Azhar has said that the prices of petrol products in Pakistan are still lower than in most countries. In a message on Twitter last night, Energy Minister Hamad Azhar said that raising the prices

Pricey LNG and shortages

Pakistan is expected to face massive a severe gas crisis in the coming months as the supply of the natural resource is slowly depleting. We are also relying increasingly on imported LNG being purchased at exorbitant rates and causing massive

Iranian-backed forces seize oil tanker off UAE: sources

LONDON (Reuters): Iranian-backed forces are believed to have seized an oil tanker in the Gulf off the coast of the United Arab Emirates, three maritime security sources said, after Britain’s maritime trade agency reported a potential hijack in the area.

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