LONDON: Oil rose by more than 1% on Monday on concern over supply disruptions stemming from intensified Russia-Ukraine airstrikes as well as a weaker dollar. Brent crude was up 80 cents, or 1.2%, at $68.28 a barrel at 1335 GMT. U.S. West Texas Intermediate crude also rose 80 cents, or 1.3%, to $64.81. Trading is expected to be muted because of a U.S. public holiday. Brent and WTI crude registered their first monthly declines in four months in August, losing 6% or more on increased supply from the OPEC+ producer…
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Saudi Aramco, Iraq’s SOMO halt crude sales to Indian refiner Nayara, sources say
NEW DELHI: Saudi Aramco and Iraq’s state oil company SOMO have stopped selling crude oil to India’s Nayara Energy in the aftermath of sanctions imposed in July by the European Union on the Russian-backed refiner, three sources familiar with the matter said. The halting of supply from the two Gulf exporters means Nayara, majority-owned by Russian entities including oil major Rosneft, relied entirely on Russia for its crude oil imports in August, according to sources and LSEG shipping data. Nayara typically receives around 2 million barrels of Iraqi crude and…
Read MoreIESCO CEO Conducts Surprise Visits to Customer and Complaint Offices
ISLAMABAD: Chief Executive Officer of Islamabad Electric Supply Company (IESCO), Engineer Ch Khalid Mahmood, along with senior management, paid surprise visits to Customer Facilitation Centres and Complaint Offices across the region. During the visits, he interacted directly with consumers, listened to their concerns, and reviewed the quality of services being provided by IESCO’s field staff. The CEO reaffirmed that there would be no compromise on delivering timely and efficient services. “Our top priority is to win the trust of consumers by ensuring transparency, efficiency, and customer-friendly facilities,” he stated. He…
Read MoreEgypt Inks $340m Oil and Gas Exploration Deals
CAIRO: Egypt has signed four agreements with international energy firms worth over $340 million to boost oil and gas exploration in the Mediterranean and Nile Delta, the Petroleum Ministry announced on Saturday. The deals, signed by state-owned Egyptian Natural Gas Holding Company (EGAS), include the drilling of 10 wells as part of efforts to strengthen exploration and production. The ministry noted that Egypt, once a key regional exporter, has increasingly relied on imports due to declining output from ageing fields and limited investment in new projects. Gas production in May…
Read MorePM Shehbaz Reaffirms Respect for Sovereignty at SCO Summit in China
Prime Minister Shehbaz Sharif, addressing the Shanghai Cooperation Organisation (SCO) Council of Heads of State summit in Tianjin, China, on Monday, reaffirmed Pakistan’s respect for the sovereignty and integrity of all SCO members and its neighbours. Highlighting Pakistan’s commitment to dialogue, diplomacy, and multilateralism, the premier stressed the importance of honouring international and bilateral treaties, indirectly referring to India’s suspension of the Indus Waters Treaty. He underscored that uninterrupted access to shared water resources was vital for regional peace and prosperity. PM Shehbaz reiterated Pakistan’s desire for stable relations with…
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