Category: highlights

Asia LNG imports set to drop to 22-month low as Europe surge drives prices: Russell

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lng

LAUNCESTON: Asia’s imports of liquefied natural gas (LNG) are poised to drop to the lowest in nearly two years in February, while Europe’s are set to surge to the second-highest on record. The weakness in Asia shows buyers are shunning expensive spot cargoes, with prices at least 50% higher than what they were this time last year. A milder-than-usual winter across much of North Asia has also dampened demand, and allowed European buyers to bid for cargoes as part of efforts to re-stock the continent’s depleted inventories. Asia, the top-importing…

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Pakistan’s Oil output rises by 10,000 barrels due to tech innovation: Musadik Malik

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oil-and-gas

ISLAMABAD, Feb 20 (APP):Federal Minister for Petroleum Dr. Musadik Malik on Thursday underscored the transformative impact of technological advancements on Pakistan’s energy sector, revealing that a single innovation has led to a 10,000-barrel increase in the Oil and Gas Development Company Limited (OGDCL)’s oil production.Addressing a celebration event organized by OGDCL and Schlumberger, he said that if four more companies adopt similar technological advancements, Pakistan may no longer require International Monetary Fund (IMF) programs for financial stability.He further highlighted that $250 million worth of innovation has been introduced in the…

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Oil rises on supply concerns as market awaits clarity on sanctions

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opec

NEW YORK: Oil prices rose about 1% to a one-week high on Wednesday on worries about supply disruptions in Russia and the US, while the market awaits clarity on sanctions as the US attempts to broker a deal to end the war in Ukraine. Brent futures were up 65 cents, or 0.9%, at $76.49 a barrel by 10:38 a.m. EST (1538 GMT), while US West Texas Intermediate (WTI) crude rose 89 cents, or 1.2%, to $72.74. That puts both crude benchmarks on track for their highest closes since February 11.…

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Oil prices steady as market eyes Russia-Ukraine peace deal

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opec

SINGAPORE: Oil prices were little changed on Monday as investors eyed developments on a potential Russia-Ukraine peace deal that could ease sanctions disrupting global supply flows. Brent crude futures dipped 1 cent at $74.73 a barrel at 0740 GMT, while US West Texas Intermediate crude was down 7 cents at $70.67 a barrel. The market continued to keep an eye on progress of peace talks, after US President Donald Trump and his administration officials announced they had begun discussions with Russia to end the war in Ukraine. “If negotiations lead…

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OPEC takes long-term view of global oil markets, aims for stability

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global oil markets,

NEW DELHI: Decisions from oil producer group OPEC+ take a long-term view of the global markets and are aimed at providing price stability, Secretary General Haitham Al-Ghais said at the India Energy Week conference on Tuesday. The comments came after U.S. President Donald Trump repeatedly called on the producer group to increase oil production to help reduce prices. Iran urges OPEC to unite against potential US oil sanctions The Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, said earlier this month that it remained…

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