Author: Admin

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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Russia raises August oil export plan after drone strikes disrupt refineries, sources say

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oil-export

MOSCOW: Russia has revised up its crude oil export plan from western ports by 200,000 barrels per day (bpd) in August from the initial schedule after Ukrainian drone attacks disrupted refinery operations and freed up more crude for shipment, three people familiar with the matter said. Export planning remains uncertain, however, due to ongoing strikes and shifting repair schedules, so delays and volume revisions are likely, they said. “Attacks are ongoing and repair deadlines change daily. It’s unclear how much Russia can load this month or next,” one person said.…

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H.E. Minister Saad Sherida Al-Kaabi meets Pakistan’s Petroleum Minister

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Petroleum Minister

His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, met in Doha today with H.E. Mr. Ali Pervaiz Malik, the Federal Minister of Petroleum of the Islamic Republic of Pakistan. Discussions during the meeting dealt with bilateral relations and cooperation in the field of energy between Qatar and Pakistan and means to enhance them.

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Pakistan clears Rs100 billion Chinese energy debt

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ISLAMABAD: Pakistan has decided to settle over Rs100 billion in dues owed to Chinese power plants ahead of Prime Minister Shehbaz Sharif’s upcoming visit to Beijing, reducing the country’s outstanding obligations to Chinese producers by nearly one-fourth. This move aims to address one of Beijing’s major concerns. Monsoon safety gear The Ministry of Finance has issued instructions to release the funds from the power sector subsidies earmarked in this fiscal year’s budget, according to government officials. They said that it is expected the Rs100 billion will be disbursed to the…

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