Day: April 22, 2025

Oil prices stage recovery on new Iran sanctions, equities rallyoil

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Oil prices

NEW YORK: Oil prices rose more than $1 per barrel on Tuesday as new U.S. sanctions against Iran and rising equity markets helped spark a recovery rally from the prior session’s steep selloff. Brent crude futures rose $1.74, or 2.6%, to $68 per barrel by 12:16 p.m. ET (1616 GMT). The U.S. West Texas Intermediate crude contract for May, which expires on Tuesday, was up $1.96, or 3.1%, to $65.04. The more actively traded WTI June contract gained $1.92, or 3.1%, to $64.33. The United States on Tuesday issued fresh…

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Chevron cuts output at Wheatstone LNG facility for planned maintenance

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LNG facility

SINGAPORE: Chevron is conducting minor planned maintenance at its Wheatstone natural gas facility in Australia, temporarily reducing production rates on LNG Train 1, a company spokesperson said on Tuesday. “The annual service event is expected to be completed within the coming week,” the spokesperson said, adding that domestic gas production has remained unaffected. Chevron announces first oil at Ballymore project in US Gulf The Chevron-operated Wheatstone facility comprises two LNG trains with a combined export capacity of 8.9 million tons per annum, and a domestic gas plant. Last year, two-thirds…

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NDMA Issues Heatwave Alert Across Pakistan Until April 27Karachi to See Temperatures Between 39°C and 41°C, PMD Warns

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Heatwave-Alert

KARACHI: The National Disaster Management Authority (NDMA) has issued a countrywide advisory warning of an intense heatwave likely to persist from Tuesday (April 22) through Sunday (April 27). The hot and dry spell is expected to impact large parts of Sindh, Balochistan, Khyber Pakhtunkhwa, Gilgit-Baltistan, and Azad Kashmir. Balochistan and Sindh will bear the brunt of the soaring temperatures, with Karachi forecast to experience highs ranging between 39°C and 41°C. The Pakistan Meteorological Department (PMD) noted that the city’s minimum temperature was 24°C, with humidity levels around 60% and light…

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SSGCL Seeks Gas Price Hike for FY 2025-26, Citing Revenue Shortfalls

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Gas-Prices

ISLAMABAD: Sui Southern Gas Company Limited (SSGCL) has submitted an amended petition to the Oil and Gas Regulatory Authority (OGRA) requesting an increase in the average prescribed gas price for the fiscal year 2025-26. Originally filed on November 29, 2024, and revised on March 26, 2025, the petition seeks approval under Section 8(1) of the OGRA Ordinance, 2002, and Rule 4(2) of the Natural Gas Tariff Rules. SSGCL has proposed an average gas price of Rs1,801.86 per MMBTU, up from the currently approved Rs1,762.51 per MMBTU for the FY 2024-25…

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U.S. Finalizes Sweeping Tariffs on Southeast Asian Solar Imports Amid Dumping Allegations

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Trina-solar2

WASHINGTON: U.S. trade officials have finalized significant tariffs on solar imports from Southeast Asia, marking a pivotal moment in a year-long trade dispute centered on unfair competition claims against Chinese-owned manufacturers. The case, initiated by Korea’s Hanwha Qcells, Arizona-based First Solar Inc., and other domestic producers, accused Chinese companies of undercutting prices by exporting subsidized, below-cost solar panels from factories in Malaysia, Cambodia, Thailand, and Vietnam. The American Alliance for Solar Manufacturing Trade Committee argued these practices threatened billions in U.S. clean energy investments. The finalized tariffs, announced Monday, vary…

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