Day: April 9, 2026

Saudi Arabia’s critical East-West oil pipeline—its key alternative export route bypassing the Strait of Hormuz—has been damaged in an Iranian attack, raising fresh concerns over global energy security, according to an industry source. The pipeline, operated by Saudi Aramco, transports crude from the kingdom’s eastern oil fields to the Red Sea port of Yanbu. It had been carrying around 7 million barrels per day (bpd) after Iran effectively disrupted traffic through the Strait of Hormuz, a vital global energy chokepoint. Initial assessments indicate that flows through the pipeline may be…

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ISLAMABAD: The government is expected to increase the petroleum levy (PL) even as global oil prices decline, amid mounting fiscal pressure and a significant revenue shortfall faced by the Federal Board of Revenue (FBR). Officials indicated that the move is being considered to offset a Rs610 billion shortfall in tax collection during July–March of the current fiscal year. Petroleum levy collections, a key non-tax revenue source, are also under scrutiny as the government seeks to meet its fiscal targets. Global oil prices have dropped sharply—by nearly 14%—following the announcement of…

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ISLAMABAD: The government has decided to secure a $1 billion budget support loan from the Asian Development Bank to strengthen climate resilience policies, while deferring approval of a $40 million project due to concerns over excessive spending on equipment and services. The decision was taken at a meeting of the Central Development Working Party, chaired by Planning Minister Ahsan Iqbal, which granted concept clearance for the second tranche of the Climate Disaster Resilience Enhancement Programme (CDREP). Under the arrangement, $500 million will be released immediately upon ADB board approval, with…

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SINGAPORE: India has withdrawn its offer to host the 2028 United Nations climate summit, COP33, according to officials familiar with the development, raising questions about future leadership of global climate negotiations. The decision to step back from hosting the Conference of the Parties under the United Nations Framework Convention on Climate Change was communicated earlier this month, though no official reason has been publicly provided. Prime Minister Narendra Modi had initially proposed hosting the summit in 2023. A report by Climate Home News indicated that the move followed a “review…

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ISLAMABAD: Pakistan is set to host crucial in-person negotiations between the United States and Iran, positioning the capital at the centre of high-stakes diplomacy as a fragile ceasefire between the two sides shows signs of strain. The talks follow a two-week truce brokered through Pakistan’s mediation after nearly six weeks of conflict. Prime Minister Shehbaz Sharif confirmed that delegations from both countries will arrive in Islamabad on Friday, with formal negotiations scheduled for Saturday to pursue a “comprehensive and conclusive” agreement. According to officials, the US delegation will be led…

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