Author: Admin

Oil leaps 4% after OPEC+ keeps output increase unchanged

Admin
oil

LONDON: Oil prices jumped by about 4% on Monday after producer group OPEC+ kept output increases in July at the same level as the previous two months. Brent crude futures climbed by $2.28, or 3.6%, to $65.06 a barrel by 1335 GMT. U.S. West Texas Intermediate crude was up $2.99, or 4.9%, at $63.78. Both contracts lost more than 1% last week. The Organization of the Petroleum Exporting Countries and its allies, known collectively as OPEC+, decided on Saturday to raise output by 411,000 barrels per day (bpd) in July,…

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Pakistan Refinery receives EPCF bids for major expansion

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pakistan refinery

Pakistan Refinery Limited (PRL) has received formal bids from companies interested in handling the Engineering, Procurement, Construction, and Finance (EPCF) work for PRL’s Refinery Expansion and Upgrade Project (REUP). The refinery, a key player in Pakistan’s energy sector, disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Monday. “PRL has received Engineering, Procurement, Construction & Finance (EPCF) bids for its Refinery Expansion & Upgrade Project (REUP). PRL is in the process of evaluating these EPCF bids and will provide further updates in due course as necessary,”…

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Goldman Sachs sees OPEC+ raising oil output by 0.41 mb/d in August

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Goldman Sachs

Goldman Sachs anticipates the eight country OPEC+ oil group will implement a final 0.41 million barrels per day (mb/d) production increase in August, the bank said in a note dated Sunday. “Relatively tight spot oil fundamentals, beats in hard global activity data, and seasonal summer support to oil demand suggest that the expected demand slowdown is unlikely to be sharp enough to stop raising production when deciding on August production levels on July 6th,” Goldman Sachs said in a note. OPEC+, the world’s largest group of oil producers, stuck to…

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KE Proposes Govt Partnership to End Load-Shedding in Karachi

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Load-Shedding

KARACHI: K-Electric has proposed a collaborative formula to eliminate electricity load-shedding in Karachi, focusing on high-loss feeders that are responsible for most outages. Speaking to the Council of Economic and Energy Journalists (CEJ), KE CEO Moonis Alvi revealed that 300 out of the city’s 2,129 feeders contribute to 87% of power losses. He suggested that if the government takes over management and bill recovery in these high-loss areas, KE could move significantly closer to making Karachi a load-shedding-free city. Alvi stated that 70% of Karachi is already exempt from load-shedding.…

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IMF Pressure Forces Govt to Hike Gas Tariffs from July 1 to Curb Utility Deficits

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Gas-IMF

ISLAMABAD: Facing mounting pressure from the International Monetary Fund (IMF), the government has no choice but to raise gas sale prices from July 1, in line with conditions to eliminate deficits in the country’s gas utilities. Under the IMF-endorsed 2022 amendment, gas tariffs must be revised annually to ensure zero fiscal shortfall for Sui companies. As a result, a gas price hike is now imminent to address the Rs 40 billion deficit faced by Sui Northern Gas Pipelines Limited (SNGPL), according to a senior official in the Ministry of Energy.…

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