Day: June 2, 2025

OPEC+ may discuss oil output hike larger than 411,000 bpd for July

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oil

LONDON/MOSCOW: OPEC+ may discuss an increase in oil output for July at its meeting on Saturday larger than the 411,000 barrels per day (bpd) increases it made for May and June, sources familiar with OPEC+ talks told Reuters. Eight OPEC+ countries have been raising output more rapidly than earlier planned, even though the extra supply has weighed on prices. The strategy of group leaders Saudi Arabia and Russia is partly to punish over-producing allies and to win back market share, Reuters has reported. On Saturday, the eight members may decide to increase output…

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Minister briefed about overall structure of SSGC

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structure of SSGC

ISLAMABAD: The Federal Minister for Petroleum addressed a media gathering at the Head Office of the Sui Southern Gas Company (SSGC). According to a statement from Petroleum Division, Pervaiz Malik visited the SSGC, where he held a meeting with Acting Managing Director Amin Rajput along with the senior management of the company. He was given a comprehensive briefing on the overall structure of the organisation, customer’s complain redressal mechanism, company’s challenges, especially in light of widening gas demand-supply scenario, steps taken to mitigate these challenges and massive rehabilitation of SSGC’s…

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PM urged to expedite Rs23bn power bill relief

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power bills

KARACHI: President Karachi Chamber of Commerce & Industry (KCCI) Muhammad Jawed Bilwani has appealed the Prime Minister Shehbaz Sharif to ensure that the long-pending relief of Rs23 billion in the electricity bills on incremental consumption is released without further delay by duly incorporating provision in the forthcoming federal budget for FY 2025–26. Despite being allocated in previous budgets, the relief has yet to be disbursed, causing severe financial stress to the Karachi’s industrial sector only as this relief has been provided to the rest of the country. In a formal…

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Ministry seeks ECC nod for new OMCs, dealers’ digitisation

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PETROLEUM

KARACHI: The Petroleum ministry is set to send a summary to the Economic Coordination Committee (ECC), in near future, for imposition of additional fees for oil marketing companies (OMCs) and dealers to digitize supply chain and petrol pumps in a bid to curb fuel smuggling. While talking to the media during his visit to the Sui Southern Gas Company Limited (SSGC) on Friday, Federal Minister for Petroleum Ali Pervaiz Malik said that the additional fee will be added to the price of petroleum products. However, he claimed that the imposition…

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OPEC+ agrees further accelerated oil output hike for July

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opec

LONDON/MOSCOW: OPEC+ agreed on Saturday to hike July oil output by 411,000 barrels per day (bpd), the same as in May and June, as the group of oil-producing countries continues to bring back supply more rapidly than earlier planned. Eight OPEC+ countries have been raising output faster than scheduled since May, even though the extra supply has weighed on prices. Group leaders Saudi Arabia and Russia are seeking partly to punish over-producing allies and to win back market share. On Saturday, the eight countries agreed to the July increase in…

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