Organized crime groups in Ecuador are increasingly stealing fuel from state-run oil company Petroecuador to support drug trafficking operations, resulting in hundreds of millions in lost income for the country’s largest industry, the company and officials said. Criminals steal gasoline, diesel and other fuels by exploiting state-owned fuel pipelines for use in making cocaine and … Read more
Islamabad: Prices of basic food items, such as ghee and cooking oil, have risen by up to 20% over the past two months, leaving families experiencing increasing financial pressure. This rise comes despite government claims of a downward trend in inflation, which has raised concern among citizens who are already suffering from high costs of … Read more
Pakistan has agreed to import Russian crude oil at a discounted price, following the agreement reached during the intergovernmental committee meeting in Moscow. News I mentioned. Federal Minister of Energy Sardar Owais Leghari led the Pakistani delegation to the meeting. The two sides decided to resume crude oil trade from January 2025, with Pakistan importing … Read more
A sophisticated fuel oil smuggling network that some experts believe generates at least $1 billion annually for Iran and its agents has flourished in Iraq since Prime Minister Muhammad Shia al-Sudani took office in 2022, five informed sources told Reuters. The operation exploits a government policy under which Iraq allocates fuel oil to asphalt plants … Read more
Oil prices fell on Wednesday, as a surprisingly large increase in US gasoline inventories overshadowed easing supply concerns resulting from the ceasefire agreement between Israel and Hezbollah. Brent crude futures fell 12 cents, or 0.2%, to $723.69 a barrel by 10:40 a.m. EDT (1540 GMT), and US West Texas Intermediate crude fell 15 cents, or … Read more
Oil prices were little changed on Tuesday, awaiting further price direction from OPEC’s monthly report, with investor disappointment over China’s latest stimulus plan and fears of oversupply keeping buying interest at bay. By 0745 GMT, Brent crude futures rose four cents to $71.87 a barrel. US West Texas Intermediate crude futures fell one cent to … Read more
Oil prices fell by about $4 a barrel on Monday after Israel’s retaliatory strike against Iran over the weekend bypassed oil and nuclear facilities and did not disrupt energy supplies. By 1445 GMT, Brent crude futures fell $4.13, or 5.43%, to $71.92 per barrel, while US West Texas Intermediate crude futures lost $4.04, or 5.63%, … Read more
An undated photo of the Barco refinery. — Barco website/file The refinery will remain closed from October 10 to November 18 Barco meets 40-50% of the country’s oil needs. The facility can process 120,000 barrels of crude oil per day. KARACHI: Pak Arab Refinery Limited (Parco), the country’s largest oil refinery, is set to shut … Read more