Day: December 30, 2024

Oil prices up on large draw from US crude stocks

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Oil prices

NEW YORK: Oil prices settled more than 1% higher on Friday and recorded a weekly gain in low trading volume ahead of year-end, buoyed by a larger-than-expected drawdown from US crude inventories last week. Brent crude futures rose 91 cents, or 1.2%, to settle at $74.17 per barrel. US West Texas Intermediate crude futures rose 98 cents, or 1.4%, to $70.60 per barrel. On a weekly basis, both Brent and WTI crude gained about 1.4%. US crude oil inventories fell by 4.2 million barrels in the week ended Dec. 20…

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Rawalpindi: SNGPL refutes reports about 8-hour loadshedding

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loadshedding

RAWALPINDI: The Sui Northern Gas Pipelines Limited (SNGPL) Rawalpindi has refuted reports of eight-hour gas load shedding in any part of the city, emphasizing its efforts to ensure uninterrupted gas supply during the winter season. Responding to a report in a local newspaper, the SNGPL spokesperson clarified that despite the increased demand during winter, continuous supply is being provided to domestic consumers. To address supply challenges, senior officers are closely monitoring gas pressures, particularly for consumers at the farthest ends of the distribution network, under the directives of the General…

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Oil drifts higher in sparse holiday trade

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oil price

LONDON: Oil prices edged up on Monday in thin holiday trade at the end of the year, as traders awaited more Chinese and U.S. economic data later this week to assess growth in the world’s two largest oil consumers. Brent crude futures rose 20 cents to $74.37 a barrel by 1208 GMT. The more active March contract was at $74.00 a barrel, up 21 cents. U.S. West Texas Intermediate crude gained 27 cents to $70.87 a barrel. Investors are eyeing China’s PMI factory surveys due on Tuesday and the U.S.…

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China issues at least 152mn T in 2025 crude oil import quotas, sources say

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crude oil

SINGAPORE: China has issued at least 152.49 million metric tons of crude oil import quotas to independent refiners in a second batch for 2025 so far, several trade sources said on Monday. These quotas are being issued in batches by provinces this year and follow a recent small batch of 5.84 million tons that was issued in November, the sources said. This brings the total volume issued for 2025 so far to 158.33 million tons (3.17 million barrels per day) versus a total of 179.01 million tons for 2024. Beijing…

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KAPCO Welcomes Shahab Qader as New CEO

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Shahab-Qader

Lahore, December 30, 2024: The Board of Directors of Kot Addu Power Company Limited (KAPCO) has announced the appointment of Mr. Shahab Qader Khan as the Chief Executive Officer (CEO) for a term of three years. His tenure will officially commence on January 22, 2025, and conclude on January 21, 2028. This decision underscores the company’s commitment to fostering strong leadership to drive strategic growth and operational excellence. Mr. Shahab Qader Khan brings a wealth of experience and expertise to the role, ensuring the company remains at the forefront of…

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