Category: highlights

OPEC+ to consider another accelerated oil output increase for June

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Oil prices

LONDON: Several OPEC+ members will suggest accelerating oil output hikes in June for a second consecutive month, three sources familiar with the matter told Reuters. Oil prices fell to a four-year low in April, weakened by a U.S.-China trade war and the unexpected decision by OPEC+, which brings together OPEC and other major producers such as Russia, to increase output by 411,000 barrels per day of oil in May. The figure was three times more than the group originally planned. Eight OPEC+ countries will meet on May 5 to decide the…

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Gold prices in Pakistan see biggest drop in history

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gold price

In a new twist in the US-China tariff war, the price of gold in Pakistan and world over has witnessed the biggest drop in history According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold per tola saw a massive drop of Rs11,700 to reach Rs352,000. Similarly, the price of 10 grams of gold decreased by Rs10,031, bringing it to Rs301,783.  Also Read: Gold rate shatters all records in Pakistan – April 22, 2025 The global gold market has also witnessed significant changes, with the price…

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US natural gas prices hold near 3-week low

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natural gas prices

NEW YORK: US natural gas futures held near a three-week low on Tuesday on record output and forecasts for milder weather and lower demand over the next two weeks than previously expected. Traders noted higher demand from the expected return of Freeport LNG’s export plant in Texas on Tuesday from an outage on Monday offset the forecast for lower demand from milder weather. Front-month gas futures for April delivery on the New York Mercantile Exchange were up 1.6 cents, or 0.4%, to $3.93 per million British thermal units (mmBtu) at…

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India’s Reliance to stop buying Venezuelan oil over US tariffs: sources

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US tariffs

NEW DELHI: India’s Reliance Industries, operator of the world’s biggest refining complex, will halt Venezuelan oil imports after the United States announced a 25% tariff on nations buying crude from the South American nation, three sources said on Wednesday. The Indian conglomerate, which last year obtained approval from U.S. authorities to purchase oil from the sanctioned producer, imports an average of 2 million barrels of Venezuelan crude every month, according to LSEG data. It is scheduled to receive a Venezuelan cargo in early April, LSEG trade flows data showed. U.S.…

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Oil prices climb 1% on US crude and fuel stock draw, Venezuela supply worries

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Oil prices

HOUSTON: Oil prices rose on Wednesday, buoyed by government data showing U.S. crude oil and fuel inventories fell last week and by mounting concerns about tighter global supply following the U.S. threat of tariffs on nations buying Venezuelan crude. Brent crude futures gained 82 cents, or 1.12%, to $73.84 a barrel by 12:11 p.m. ET (1611 GMT), their highest since February 27. U.S. West Texas Intermediate crude futures rose 82 cents, or 1.19%, to $69.82 a barrel. Both benchmarks rose more than $1 a barrel during the session. Oil prices…

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