Day: May 27, 2025

OPEC+ expected to open taps more despite price slump

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opec

LONDON: Despite oil trading low at $60, OPEC+ this week is expected to continue to further open the taps. This follows pressure from US President Donald Trump and group leader Saudi Arabia’s quest to penalise allies that breach the cartel’s quotas. In past months, Saudi Arabia, Russia and six other OPEC+ members have surprised markets by announcing a sharp increase in oil production for May and June despite the low prices. Numbering a total of 22 countries, most of which are highly dependent on oil revenues, the group has long…

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OPEC+ set to agree July oil output hike this week, sources say

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oil price

LONDON/DUBAI: OPEC+ is likely to agree to a further accelerated oil output hike for July this week, three delegates from the group told Reuters, in the latest stage of a plan to meet rising demand and increase market share. When the 22-member group meets on Wednesday to review the market, it is not expected to change policy, the sources said. But they said they expected an output hike to be agreed for July when the eight OPEC+ members meet on Saturday. OPEC+, which includes the Organization of the Petroleum Exporting Countries…

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Oil steady ahead of OPEC+ meeting as trade war concerns ease

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Oil prices

LONDON: Oil prices were little changed on Tuesday as easing trade war concerns offset expectations OPEC+ will decide to increase output at a meeting later this week. Brent crude futures were down 28 cents, or 0.4%, at $64.46 a barrel by 1154 GMT, while U.S. West Texas Intermediate (WTI) crude fell 33 cents, or 0.5%, to $61.20 a barrel. Easing trade war concerns are lifting prices, but the upside remains limited until it is clear what the OPEC+ will decide on Saturday, said UBS analyst Giovanni Staunovo. The Organization of…

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Massive Blaze Destroys Solar Factory in Karachi’s Korangi Industrial Area

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Solar-2025

KARACHI – A massive fire erupted at a solar panel manufacturing factory in the Korangi Industrial Area near Murtaza Chowrangi, causing extensive damage and losses worth millions of rupees, according to a report by 24NewsHD TV Channel on Tuesday. Upon receiving the emergency call, the Central Command and Control of Rescue 1122 immediately dispatched a response team, including one ambulance and two fire brigade trucks, to the scene. Firefighters swiftly launched operations to contain the blaze and prevent it from spreading to nearby units. Despite their prompt response, the inferno…

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Oil Sector Pushes for Rs10/Litre Margin to Avert Financial Strain

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Petrol-oil

KARACHI: Pakistan’s oil marketing sector has urged the government to approve a revised margin of Rs10 per litre for Oil Marketing Companies (OMCs), warning that delays in adjustments are jeopardizing the sector’s financial stability. In a letter to the Minister for Petroleum, the Oil Companies Advisory Council (OCAC) highlighted that the last OMC margin revision was implemented in September 2023, setting the rate at Rs7.87 per litre. A scheduled revision for September 2024 remains pending, despite rising operational costs. OCAC originally proposed a revised margin of Rs12.65 in June 2024,…

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