Author: Admin

Experts sceptical of Trump’s claim of ‘massive’ oil reserves in Pakistan: Bloomberg

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Despite renewed interest from major US companies in Pakistan’s energy sector, industry experts have cast doubt on claims of “massive” reserves touted by US President Donald Trump, pointing to decades of limited discoveries, foreign exits, and persistent challenges in exploration, reported Bloomberg on Wednesday. Last month, Trump said that his administration struck a deal with Pakistan in which Washington would work with Islamabad in developing the South Asian nation’s oil reserves. “We have just concluded a Deal with the Country of Pakistan, whereby Pakistan and the United States will work together on…

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India hopeful US will review extra 25% tariff for Russian oil purchases, Indian government source says

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Russian-oil

NEW DELHI: India is hopeful that the U.S. will review the additional 25% tariff imposed on Indian goods as penalty for its Russian oil purchases, a government source told reporters on Wednesday. India’s Russian oil gains wiped out by Trump’s tariffs The Indian government is holding talks with exporters to increase shipments of textiles, leather, gems and jewellery to other countries, and is likely to provide financial assistance to affected businesses, the source said.

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US natural gas slides

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gas

NEW YORK: US natural gas futures fell to a ten-month low on Monday, pressured by cooler weather forecasts and fading summer demand, easing concerns over tight storage levels ahead of winter. Front-month gas futures for September delivery on the New York Mercantile Exchange were flat at USD2.70 per million British thermal units at 10:09 a.m. EDT (1410 GMT). The contract hit its lowest since November 4, 2024. “With summer waning, it is becoming clear that the expectation of strong power sector demand and growing exports limiting injections and giving us…

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Oil falls 2% from highest in almost 3 weeks, focus on Russian supply risks

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Oil falls

NEW YORK: Oil prices fell by about 2% on Tuesday a day after surging nearly 2%, as investors watched developments in the war in Ukraine and assessed potential disruption to Russian fuel supplies. Brent crude was down $1.28, or 1.9%, at $67.52 a barrel by 11:19 a.m. EDT, a day after hitting its highest since early August. West Texas Intermediate (WTI) crude lost $1.30, or about 2%, to $63.50. “Front and center in this week’s trade is the possibility that U.S. tariffs on India could be doubled to 50% as…

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Circular debt plan: OGDCL receives Rs7.73bn second interest payment

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New-OGDCL-2

Oil and Gas Development Company Limited (OGDCL), Pakistan’s largest E&P firm, has received the second interest payment of Rs7.73 billion from Power Holding (Private) Limited (PHL) under the government’s circular debt settlement plan. The E&P disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Tuesday. “We are pleased to inform that, as part of the circular debt settlement plan, OGDCL has received the second installment, being one of twelve equal monthly installments of Rs7.725 billion, as interest payment from PHL, pursuant to the Government of Pakistan…

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