Monthly Energy Update March Magazine
Author: Admin
Pakistan Receives First Petrol Shipment Amid Strait of Hormuz Closure
KARACHI: Pakistan has received its first petrol shipment following concerns over supply disruptions caused by the closure of the Strait of Hormuz amid the US-Israel–Iran conflict, ARY News reported on Tuesday. The arrival of the gasoline-laden vessel MT Nave Atropos, carrying 50,000 metric tonnes of petrol, has eased fears of an immediate fuel shortage in the country. The ship docked at the FOTCO Terminal, Port Qasim, as authorities confirmed that fuel shipments are steadily reaching Karachi. Two additional tankers are expected soon: MT Spross Two, carrying 55,000 tonnes of petrol,…
Read MoreSenate Panel to Probe Beneficiaries of 20% Petroleum Price Hike
ISLAMABAD: A parliamentary committee on Monday decided to investigate whether the recent 20 percent increase in petroleum prices benefited the national exchequer or resulted in windfall inventory gains for private oil companies. The issue was taken up by the Senate Standing Committee on Economic Affairs, chaired by Saifullah Abro, which expressed serious concern over the price hike and its impact on the public, particularly low-income groups. The committee directed the Petroleum Division of Pakistan to provide complete details regarding the stock positions of oil marketing companies (OMCs) to determine whether…
Read MoreSaudi Aramco Offers Over 4 Million Barrels in Rare Tenders Amid Strait of Hormuz Disruptions
SINGAPORE: Saudi Aramco has offered more than 4 million barrels of crude oil through rare tenders as the conflict involving Iran and the United States disrupts oil exports from the Middle East, according to several industry traders. The state-owned oil giant is reportedly seeking to reroute part of its crude exports through the Red Sea to avoid the Strait of Hormuz, a critical maritime chokepoint through which nearly one-fifth of global oil and liquefied natural gas supplies typically pass. Several Middle Eastern producers, including Iraq and Kuwait, have also begun…
Read MoreIndia Opts Out of IEA Plan to Release Strategic Oil Reserves Amid Market Volatility
NEW DELHI: India has no plans to join an initiative led by the International Energy Agency (IEA) to release strategic oil reserves, a government source said, despite rising global oil prices triggered by supply concerns linked to the conflict involving Iran. The decision comes as finance ministers from the Group of Seven (G7) are expected to meet to discuss a possible coordinated release of oil reserves aimed at stabilising global energy markets. Oil prices surged above $119 per barrel on Monday, the highest level since mid-2022, after several major producers…
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