Oil prices slipped on Thursday as a surprise build in US stockpiles sparked concerns about slowing demand, but worries over potential disruptions to Middle East supplies capped losses. US Crude Oil Inventories Jump 3.6 Million Barrels The US Energy Information Administration reported a larger-than-expected increase in stocks, fueling fears of weakening demand. Gasoline Demand Slumps, […]Read More
Oil Prices Fall as Fed Delays Interest Rate Cut Investors Digest Impact of Fed Decision Oil prices dropped in early trade on Thursday as investors reacted to the US Federal Reserve‘s decision to likely delay a possible interest rate cut to December. Brent and WTI Crude Futures Decline Brent crude futures fell by 23 cents […]Read More
TOKYO: As fresh worries about declining demand in China and the US weighed on the market, oil prices eased on Monday, reversing their Friday surge. U.S. West Texas Intermediate (WTI) crude futures for December were down 35 cents, or 0.5%, to $76.82, while Brent crude futures for January were down 35 cents, or 0.4%, at […]Read More
Global oil disaster?, On October 19, 1973, immediately following the Nixon administration’s affirmation of a $2.2 billion military aid package to Israel in the aftermath of the Yom Kippur War, Arab states responded by imposing an oil embargo on nations supportive of Israel. The resultant oil price shock was so grave that in the United […]Read More
Pakistan has signed a long-term oil purchase agreement with Russia under which local refineries will buy oil directly. Significant progress has been made in the matter of buying cheap oil from Russia. And Pakistan has entered into a long-term agreement with Russia. Under which local refineries will be able to buy oil directly. Russia also […]Read More
ISLAMABAD: Minister of State for Petroleum Dr. Musadik Malik on Wednesday said the first ship carrying 100,000 tonnes of Russian imported oil will reach Oman on May 27, from where it will be shifted to Pakistan in small ships. Musadik Malik said the ship would anchored at a port in Oman because Pakistani ports can’t […]Read More
RIYADH: Saudi Arabia (SA) led a coordinated production cut by major oil powers on Sunday despite US pressure to pump more crude, saying they were aiming at market stability. Cuts by the Saudis, Iraq, United Arab Emirates (UAE), Kuwait, Algeria and Oman from May to the end of the year will total more than one million […]Read More
ISLAMABAD: Russian Minister for Energy Nikolai Shulginov on Thursday said that Russia was keen to help Pakistan in energy, oil, gas, communication and information technology sectors. “Russia is already supplying oil and gas to many other countries”, he said. Talking to state TV, he said “we can also provide skills training to the people of […]Read More
ISLAMABAD: Pakistan has sent the draft of Inter-Governmental Agreement (IGA) to the UAE for an official nod from authorities concerned in Abu Dhabi. Once it is approved, negotiation for a commercial agreement for the import of Mogas under GtG mode will start between officials of Pakistan State Oil (PSO) and Abu Dhabi National Oil Company […]Read More
ISLAMABAD: In a major achievement for the PMLN-led coalition government, Pakistan has secured a strong commitment from Russia for sale of the crude and other POL products at reduced prices under a government-to-government (G2G) arrangement. A high-powered Russian delegation will visit Islamabad next month to settle modalities and price. Also Read: Russia Oil supply, discussed during Imran Khan’s visit: […]Read More
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