Author: Admin

ANKARA: US President Donald Trump on Wednesday declared that the interim agreement reached with Iran to halt hostilities is effectively “over,” signalling a tougher stance toward Tehran and expressing little interest in reviving negotiations. Speaking in Ankara ahead of the NATO summit, Trump dismissed the memorandum of understanding that had been signed to de-escalate tensions between the two countries. “To me, I think it’s over,” Trump said when asked about the status of the truce. “I don’t want to deal with them anymore. They’re scum… they’re led by sick people.”…

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LONDON: Global oil prices climbed more than 2% on Wednesday after the United States launched airstrikes against Iran and reimposed sanctions on Iranian crude exports, heightening concerns that the fragile US-Iran truce could collapse and disrupt energy supplies from the Middle East. Brent crude futures rose $1.92, or 2.6%, to $76.08 per barrel, while US West Texas Intermediate (WTI) crude gained $1.82, or 2.6%, to $72.26 per barrel by 0400 GMT. The rally follows a nearly 3% jump in both benchmarks on Tuesday after Washington revoked the general licence that…

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KARACHI: The Oil and Gas Regulatory Authority (OGRA) has called a meeting of chief executive officers (CEOs) of leading oil marketing companies (OMCs) to discuss long-pending regulatory issues, as Pakistan’s downstream petroleum sector continues to face operational and policy challenges. According to an official communication, the meeting is scheduled for Wednesday (July 8) and will bring together the heads of major OMCs, including Pakistan State Oil (PSO), Attock Petroleum Limited, Hascol Petroleum, Wafi Energy Pakistan, Parco Gunvor, Puma Energy, Gas & Oil Pakistan (GO), Vital Petroleum, and other industry players.…

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ISLAMABAD: A Senate sub-committee has directed the Ministry of Petroleum to submit, within two days, a comprehensive report detailing the profits earned by oil and gas companies over the past 16 years, amid growing concerns over the distribution of revenues generated from Pakistan’s natural resources. The directive was issued during a meeting of the Senate Functional Committee on Devolution’s sub-committee, chaired by Senator Zamir Hussain Ghumro, which reviewed the implementation of constitutional provisions relating to provincial ownership and participation in oil and gas resources. Petroleum Ministry officials informed the committee…

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