Day: May 27, 2022

Oil jumps 3% to 2-month high as EU seeks to ban Russian crude

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Oil prices rose about 3% to a two-month high on Thursday on signs of tight supply ahead of U.S. summer driving season, as the European Union (EU) wrangled with Hungary over plans to ban crude imports from Russia over its invasion of Ukraine. Brent futures for July delivery rose $3.21, or 2.8%, to $117.24 a barrel by 11:15 a.m. EDT (1515 GMT). U.S. West Texas Intermediate (WTI) crude rose $3.98, or 3.6%, to $114.31. Brent was up for the sixth straight day in a row and on track for its…

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Saudi Arabia’s making $1 billion from oil exports every day

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Saudi Arabia’s oil exports reached $30 billion in March, the highest in at least six years, driven by a rally in oil prices and rising production. The value of crude exports, now almost $1 billion a day, increased by 123% year on year, the kingdom’s statistics office said. Saudi Arabia’s crude production rose to 10.3 million barrels a day in March, with Brent oil prices averaging $112 a barrel. Prices have jumped almost 50% this year, mostly due to the fallout of Russia’s invasion of Ukraine. The higher revenues helped…

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Profits Outflow Reaches $1.5bn in 10 Months

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Despite the political crisis which affected all segments of life including business, the outflow of profits and dividends on foreign investments increased during the first 10 months of the current fiscal year. The State Bank of Pakistan (SBP) latest report issued on Thursday revealed that the outflow of profits and dividends increased by 11.5 per cent, or $152 million, to $1.464 billion during the July-April period from $1.312bn in the same period last year. The higher outflows indicate better performance of the economy, which is expected to expand at 5.97pc…

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POL products: Govt yet to project PL and GST rates for FY23

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The government has yet to project petroleum levy (PL) and general sales tax (GST) on petroleum products for the next financial year 2022-23 to meet the conditions of the International Monetary Fund (IMF) and assumption of the Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP). An official of the Petroleum Division told Business Recorder on condition of anonymity that the government may not charge any PL or GST in the upcoming budget 2022-23 on political grounds as it would lead to a substantial increase in the prices of all…

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Pakistan Latest: Pressure Mounts of Default Risk, Khan’s Demands

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Pakistan Finance Minister Miftah Ismail said the government was committed to reviving the International Monetary Fund program and putting the country back on a “sustainable growth path” after talks with the multilateral lender ended inconclusively the previous day.  There’s now a prospect of a default for the second time in Pakistan’s history even though the IMF said there was “considerable progress” in the discussions. Dollar bonds from Pakistan were among the worst in emerging markets on Thursday.  Separately, Pakistan’s Prime Minister Shehbaz Sharif said the Parliament will decide the next…

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