Author: Admin

DOHA/RIYADH: US President Donald Trump said an angry Israel “violently lashed out” and attacked Iran’s major gas field, a significant escalation in the US-Israeli war, but ruled out further such attacks by Israel unless Iran retaliated.Wednesday’s attack on the huge South Pars gas field drove oil prices higher and prompted a threat by Iran to attack oil and gas targets across the Gulf, while it fired missiles at Qatar and Saudi Arabia.The escalation heightens the unprecedented disruption of global energy supplies that has raised the political stakes for Trump, who joined Israel in…

ISLAMABAD: Despite improved stock covers of petroleum products, foreign exchange constraints have started to crop up in the oil supply chain due to additional costs of skyrocketing global prices, insurance and import premiums, and freight charges.The issue was formally raised at a meeting of the special cabinet committee formed to monitor petroleum prices, presided over by Finance Minister Muhammad Aurangzeb.The oil industry complained that credit limits for oil marketing companies (OMCs) in Pakistani currency remained unchanged, despite their foreign exchange requirements increasing more than double since the beginning of the…

Sri Lanka has urged electric vehicle owners to stop charging their cars at night, saying the surge in demand is forcing the country to burn more coal and diesel to keep the power grid running.In an address to the nation, President Anura Kumara Dissanayake said electric cars were adding an extra 300 megawatts of demand at night, straining the grid.“Electric car owners charge their vehicles when they return from work. This is placing an additional burden on the grid, and we are compelled to operate all our generators to meet…