Oil prices remained relatively stable on Thursday, as strong expectations for winter fuel demand were offset by rising US fuel inventories and broader economic concerns. Brent crude futures fell six cents to $76.1 a barrel, while US West Texas Intermediate crude fell five cents to $73.27. Both crudes fell more than 1% on Wednesday due … Read more
Oil prices were broadly flat on Monday in thin trade due to the end-of-year holiday, with traders awaiting more Chinese and US economic data later this week to assess growth in the world’s two largest oil consuming countries. Brent crude futures fell four cents to $74.13 a barrel by 0948 GMT. The most active March … Read more
Prices of ghee and branded cooking oil in Pakistan rose by up to Rs 100 per kg/litre, to Rs 570, despite a global decline in palm oil costs according to a report by dawn. said a retailer dawn The price of branded ghee and cooking oil rose by Rs 80 per kg/litre to Rs 570. … Read more
Oil and Gas Development Corporation Limited (OGDCL) announced on Thursday that the Kunar West 3 well in Sindh has successfully commenced production at a wellhead flow pressure (WHFP) of 1,200 psi with a choke size of 32/64”. According to a filing with the Pakistan Stock Exchange (PSX), the West Kunar field is part of the … Read more
Islamabad: Oil and Gas Development Company Limited (OGDCL), Pakistan’s leading exploration and production company, has successfully revived a heavy oil well in Rajyan Oil Field in Gujjar Khan, Chakwal District, Punjab. This strategic step led to an increase in the field’s cumulative production by 67%, from 1,500 barrels per day to 2,500 barrels per day. … Read more
The Government has completed negotiations with 14 furnace oil-based independent power producers (IPPs) under a “take-and-pay” agreement, with discussions continuing with other IPPs. According to a news report, Prime Minister Shehbaz Sharif announced the gradual closure of old power plants to reduce electricity costs and promote energy efficiency. This step comes within the framework of … Read more
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