Day: February 6, 2022

Oil surpasses $92 per barrel as US storm heightens supply concerns

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Oil prices reached seven-year highs on Friday as geopolitical tensions and a winter storm in the United States fuelled concerns over supply disruptions. Brent crude rose $1.29, or 1.4%, to $92.40 a barrel by 1100 GMT, having earlier touched its highest since October 2014 at $92.66. US West Texas Intermediate crude rose $1.36, or 1.5%, to $91.63 after also scaling a seven-year peak at $91.91. Both benchmarks were on course for a seventh consecutive weekly gain. “The latest upswing was triggered by a cold snap in Texas, which is fuelling…

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CASA-1000 project: PD to seek legal opinion on notice issued by Afghan contractor

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Power Division is to seek legal opinion from Law Ministry on Force Majeure notice issued by Afghan contractor working on CASA-1000 project since Taliban took over control of the country as World Bank is reluctant to take any position on this issue, well informed sources in Economic Affairs Division (EAD) told Business Recorder. The Central Asia-South Asia (CASA-1000) $1.2 billion project which will bring 1300 megawatts (MW) of seasonal power from Tajikistan and the Kyrgyz Republic to Afghanistan and Pakistan has been put on ice after Taliban took over. At a…

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Russia, China agree 30-year gas deal via new pipeline, to settle in euros

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Russia has agreed a 30-year contract to supply gas to China via a new pipeline and will settle the new gas sales in euros, bolstering an energy alliance with Beijing amid Moscow’s strained ties with the West over Ukraine and other issues. Gazprom , which has a monopoly on Russian gas exports by pipeline, agreed to supply Chinese state energy major CNPC with 10 billion cubic metres of gas a year, the Russian firm and a Beijing-based industry official said. First flows through the pipeline, which will connect Russia’s Far…

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POL products: the pricing conundrum

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petrol

The Prime Minister’s Office (PMO) released a statement citing the Prime Minister’s rejection of a proposal to increase petroleum prices by up to 14 rupees per litre effective 1 February — a proposal submitted by the Oil and Gas Regulatory Authority (Ogra) based on a rise in the international prices of oil but with taxes remaining the same as in the previous fortnight. It is left to the government of the day to adjust taxes to maintain the prices or pass these onto the consumers partly or wholly or in…

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Govt Warned of Petrol Shortage and Supply Chain Issues if It Doesn’t Increase Prices

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The Oil Companies Advisory Council (OCAC), which comprises more than two dozen oil refineries and marketing firms said, “Based on the critical condition of the industry and increasing trend in POL prices, we urge you to ensure that no further petroleum differential claim (PDC) is imposed on the industry as it will have an unmanageable impact on the cash flows of the industry and may also lead to catastrophic disruption in the POL supply chain”. In the fortnightly oil price review scheduled on 31 January, Prime Minister Imran Khan had…

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