Day: October 29, 2026

RIYADH: Commercial satellite imagery has revealed damage to a key processing unit at Saudi Arabia’s Ras Tanura refinery complex following a Houthi missile strike, raising concerns over global supplies of refined petroleum products. The damaged facility appears to be a cracking unit, according to open-source intelligence analysts. The apparent cessation of flaring at the refinery suggests that operations may have been suspended or curtailed, although the extent of the disruption has not been independently confirmed. Ras Tanura has a processing capacity of up to 550,000 barrels per day, making it…

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WASHINGTON: Global commodity prices are projected to rise 23 per cent in 2026 amid the Middle East conflict, energy supply disruptions and geopolitical uncertainty, according to the World Bank’s latest Commodity Markets Outlook. The bank said energy prices had surged 32 per cent this year, reaching their highest level since Russia’s invasion of Ukraine in 2022. Brent crude oil prices are forecast to average $92 per barrel in 2026, while global oil supply is expected to decline 5.2 per cent, marking the steepest drop in four decades outside the 2020…

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ISLAMABAD: The World Bank, Asian Development Bank (ADB) and leading international mining companies are expected to participate in the Pakistan Mineral Investment Forum 2026 (PMIF26), scheduled for November 12–13 in Islamabad, as Pakistan seeks to attract foreign investment and develop its mineral resources. Organised by the government and endorsed by the Special Investment Facilitation Council (SIFC), the two-day forum will bring together policymakers, investors, financial institutions, technical experts and mining industry executives to explore investment opportunities, strategic partnerships and commercially viable projects. Prominent participants are expected to include John L.…

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KARACHI: Pakistan State Oil (PSO), the government and the International Monetary Fund (IMF) are working on a plan to settle outstanding circular debt, with the company reporting that its receivables have remained unchanged since February 2024. At its annual general meeting, PSO management said the company had received around Rs10 billion in circular debt payments from the Power Division after the close of the financial year. It also received Rs26 billion from Sui Northern Gas Pipelines Limited (SNGPL) during the final quarter. PSO has regained more than 40 per cent…

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ISLAMABAD: Pakistan and Qatar are close to revising their liquefied natural gas (LNG) supply agreements, with QatarEnergy offering lower prices under a proposed arrangement that would reduce Pakistan’s annual LNG imports. Sources in Pakistan State Oil (PSO) said QatarEnergy had offered a revised price of 11.96% of Brent crude oil under the pricing formula for both contracts. Pakistan had sought a reduction to 10.20% of Brent, while Qatar initially proposed higher rates under the existing agreements. The two long-term contracts, signed in 2016 and 2021, are due to expire in…

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