Year: 2024

Oil Prices Rise Amid Middle East Uncertainty Following Assad’s Ouster

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Oil prices

TOKYO/SINGAPORE: Oil prices edged higher on Monday as the fall of Syrian President Bashar al-Assad’s regime added new geopolitical uncertainty to the Middle East. However, gains were tempered by concerns over weakening global demand and a soft economic outlook for 2025. Brent crude futures rose by 36 cents, or 0.51%, to $71.48 per barrel, while U.S. West Texas Intermediate (WTI) crude futures increased by 38 cents, or 0.57%, to $67.58 per barrel by 0513 GMT. The ousting of Assad, announced by Syrian rebels on state television, ended a 50-year family…

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Qatar Unconcerned by U.S. LNG Export Expansion Plans, Says Energy Minister

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LNG-import

DOHA: Qatar’s Energy Minister, Saad al-Kaabi, expressed confidence in Qatar’s ability to handle competition following U.S. President-elect Donald Trump’s pledge to lift caps on liquefied natural gas (LNG) exports. Speaking at the Doha Forum, Kaabi, also the CEO of state-owned QatarEnergy, highlighted that U.S. LNG projects are driven by private enterprises that assess commercial viability. “Even if the U.S. plans to export an additional 300 to 500 million tons of LNG, these projects are commercially driven,” Kaabi stated. He added that long-term energy projects often transcend government changes, while noting…

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Power Division Urges Nepra to Revise Licensing Regulations for Discos

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Nepra-tariff

ISLAMABAD: The Power Division has requested the National Electric Power Regulatory Authority (Nepra) to amend licensing regulations for power distribution companies (Discos) to facilitate private sector participation (PSP) in their operations. The proposed changes aim to align Discos’ licenses with the evolving regulatory framework and federal government policies. Key amendments include allowing electric power suppliers to sell electricity to others through bilateral agreements. However, for transactions involving a supplier of last resort, rates and terms must be approved by Nepra. Nepra had issued Supplier of Last Resort and Distribution Licenses…

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IESCO Implements PM’s Winter Facilitation Package

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Power-sector

ISLAMABAD: Islamabad Electric Supply Company (IESCO) has begun implementing the Winter Facilitation Package announced by Prime Minister Mian Shehbaz Sharif. Chief Executive Muhammad Naeem Jan confirmed that relief is being provided in December 2024 electricity bills as per the Ministry of Energy’s directives. The package offers significant relief across consumer categories: Residential Consumers: Discounts ranging from Rs 11.42 to Rs 26 per unit on additional electricity usage.Commercial Consumers: Relief ranging from Rs 13.46 to Rs 22.71 per unit.Industrial Consumers: Discounts between Rs 5.72 and Rs 15.05 per unit, encouraging higher…

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Pakistan’s Trade Deficit with Middle East Expands Amid Rising Energy Imports

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Export-Import

ISLAMABAD: Pakistan’s trade deficit with the Middle East grew by 10.87% to $4.781 billion during the first four months of FY2024-25, up from $4.312 billion in the same period last year, primarily driven by increased petroleum imports. State Bank of Pakistan data highlights the mounting trade imbalance as a key concern for policymakers. Petroleum imports surged due to higher consumption, with crude oil imports alone growing by over 16% during the period. This marks a reversal from FY2023-24, when the trade deficit with the Middle East narrowed by 20.47% to…

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