Day: November 27, 2024

OPEC+ production cuts may support oil prices in near term, Goldman Sachs says

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oil price

Crude production from Iraq, Kazakhstan, and Russia has declined in compliance with OPEC+ production cuts, supporting a modest near term upside to Brent prices, Goldman Sachs said. Saudi Arabia is more likely to extend oil production cuts because of the recent price drop and we now think that oil production cuts will last until April 2025 instead of January, the investment bank said in a note dated Tuesday. Goldman Sachs maintained its average Brent price forecast for 2025 at $76 per barrel. OPEC+, which includes members of the OPEC and…

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PPL records significant boost in hydrocarbon production

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hydrocarbon

Pakistan Petroleum Limited (PPL) has registered a notable increase in hydrocarbon production from its wells located across the country. The exploration and production (E&P) company on Wednesday shared the details of its production enhancement registered during the period between April 2024 and November 2024 via notice to the Pakistan Stock Exchange (PSX). “The company is pleased to announce its contribution towards Pakistan’s energy outlook and reaffirms its unwavering commitment to the country’s energy security by prioritizing the maximization of domestic hydrocarbon production,” read the statement. PPL shared that with many…

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Oil slips after surprise build in U.S. gasoline stocks

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oil price

Oil prices edged lower on Wednesday as a large, surprise build in U.S. gasoline stocks outweighed easing supply concerns from a ceasefire deal between Israel and Hezbollah. Brent crude futures fell 12 cents, or 0.2%, to $723.69 a barrel by 10:40 a.m. ET (1540 GMT) and U.S. West Texas Intermediate crude eased 15 cents, or 0.2%, to $68.64. U.S. gasoline stocks rose by 3.3 million barrels in the week to 212.2 million barrels, the Energy Information Administration said, compared with analysts’ expectations in a Reuters poll for a 46,000-barrel draw.?…

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Eid Al Etihad 53: Dubai Unveils Unforgettable Experiences for the Long Weekend

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Eid Al Etihad

Eid Al Etihad 53: Dubai Unveils Unforgettable Experiences for the Long Weekend November 27, 2024 Dubai, UAE – Dubai is gearing up to celebrate Eid Al Etihad 53 with a spectacular array of experiences that promise to make the long weekend unforgettable. From 28 November to 3 December, Dubai will come alive with dazzling fireworks, cultural celebrations, thrilling live entertainment, exclusive offers at leading hotels and attractions, and a feast of local cuisine. Top Experiences to Enjoy in Dubai this Eid Al Etihad For more information, visit the Eid Al…

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October FCA: CPPA-G Proposes Rs2.6 Billion Refund for Power Consumers

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Power-sector

ISLAMABAD – The Central Power Purchasing Agency-Guaranteed (CPPA-G) has proposed refunding Rs 2.6 billion to power Distribution Companies (Discos) consumers for October 2024 under the monthly Fuel Charges Adjustment (FCA) mechanism. During a public hearing chaired by NEPRA Chairman Waseem Mukhtar, CPPA-G representative Naveed Qaisar revealed that the FCA variation for October was recorded at Rs 9.2583 per unit, compared to the reference rate of Rs 10.2752 per unit. This indicates a reduction of Rs 1.0159 per unit, resulting in a financial impact of Rs 10.14 billion. Qaisar explained that…

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