Month: November 2020

Drop In Saudi Oil Exports Keeps OPEC+ Shipments Flat In October

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A 386,000-barrel-per-day (bpd) cut in Saudi Arabia’s crude oil shipments kept total seaborne exports of the OPEC+ group stable in October compared to September, although Russia boosted its seaborne exports by nearly 300,000 bpd, data from IHS Markit showed on Tuesday. Total OPEC+ crude oil exports by sea averaged 22.5 million bpd in October, slightly up from 22.37 million bpd in September, due to the large drop in Saudi shipments, as well as lower exports from Venezuela and continued low levels of exports from West African producers and OPEC members,…

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Islamabad Electric Supply Company Issues Power Suspension Programme

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Islamabad Electric Supply Company (IESCO) on Tuesday issued a power suspension programme for Wednesday for various areas of its region due to necessary maintenance and routine development work. According to IESCO spokesman, the power supply of different feeders and grid stations would remain suspended for the period from 09:00 AM to 05:00 PM Padial, Gagan, Mahota Feeders, from 09:00 AM to 04:00 PM KSM-II, Al Qadir Mill, KSM-I, PAF, KSF-3, Al-Rizwan Mill, Millat Chowk Feeders, from 08:00 AM to 12:00 Noon Chrah, Pind Dadankhan, Kachehri, KS Mines, Duffer, Lilla, NCI,…

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Oil prices extend rally on US election day

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LONDON: Oil prices extended their rally on US election day with a 3pc gain as financial markets staged a broad recovery, but concerns over surging coronavirus cases around the world capped further gains. Brent crude futures rose $1.13, or 2.9pc to $40.10 a barrel at 1138 GMT on Tuesday, while US West Texas Intermediate (WTI) crude futures were up $1.13, or 3.1pc, to $37.94 a barrel. Both benchmarks gained nearly 3pc on Monday. “The jump has borne all the hallmarks of a massive, logical and even inevitable short-covering prior to the…

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Industries rid of peak-time power rates

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ISLAMABAD: Prime Minister Imran Khan on Tuesday unveiled a major power bill relief package for industries with extra incentives for small and medium businesses, doing away with peak-hours charging and slashing the tariff on additional electricity consumed. The premier announced the package accompanied by members of his economic team after a meeting of the federal cabinet. Under the package, all industries will be exempted from peak-hours charging for the next three years. Small and medium enterprises using additional power than their consumption in their previous bills will be given a…

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Industrial power incentives expected to augur well for troubled economy

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KARACHI: Lockdown-hurt business community sees positive impact of electricity tariff discounts announced by the government for trade and industry on revving up the economy, their representatives said on Tuesday. Anjum Nisar, president of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) said electricity cost will help in overcoming inflation and spurring economic growth. “FPCCI has long been striving for rational electricity tariffs for industries to help them compete with the regional competitors,” said Nisar. “The struggle has now been fulfilled as the government realised the issue.” Prime Minister…

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