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…
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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…
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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…
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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…
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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…
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LAHORE – Zafar Iqbal, Vice President of the Pakistan China Joint Chamber of Commerce and Industry (PCJCCI), revealed during a meeting with the executive body that approximately 2,300 Chinese companies are actively operating in Pakistan. These companies, ranging from small to large-scale enterprises, are investing across diverse sectors, including the China-Pakistan Economic Corridor (CPEC). Expanding Investment HorizonsIqbal highlighted Chinese interest…
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KARACHI – In a significant move, Karachi’s business community has unveiled plans to launch Air Karachi, a new airline aimed at boosting the city’s connectivity and economy. The announcement, led by prominent businessman Hanif Gohar at the Karachi Press Club, highlighted an initial investment of Rs 5 billion. Details of the Initiative:Registered with the Securities and Exchange Commission of Pakistan…
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NEW DELHI – Gautam Adani’s ambitious renewable energy project, a cornerstone of India’s clean energy goals, is under scrutiny following a US indictment accusing Adani and key executives of paying $265 million in bribes to secure power supply contracts in India. The Vision:Adani Green’s energy park in Gujarat, set to be five times the size of Paris, aims to produce…
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BAKU – The COP29 climate summit in Azerbaijan concluded with agreements on climate finance and carbon market frameworks, but lingering uncertainties leave businesses seeking more concrete details. While the summit pledged $300 billion annually in climate finance by 2035 and advanced rules for carbon offset trading, the outcomes remain insufficient for many developing nations and private sector stakeholders. Key Outcomes…
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ISLAMABAD – Business and industry groups have criticized the government’s decision to exclude solar net-metered consumers from its winter electricity package, urging the authorities to ensure K-Electric passes the benefits to Karachi’s residents. During a public hearing by the National Electric Power Regulatory Authority (Nepra), stakeholders raised concerns about delayed implementation, with nearly 20 days of the three-month package already…
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