Category: highlights

Pakistan’s industry paying double power costs of US, China, India: report

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power-sector

ISLAMABAD: Pakistan’s industrial sector is paying almost double the electricity prices compared to China, India and the United States, and even higher than the European Union, adversely impacting its export competitiveness. According to the latest ‘Electricity 2025 — Analysis & Forecast to 2027’ report by the Paris-based International Energy Agency (IEA), the average 2024 electricity rates in the United States and India amounted to 6.3 cents each per kilowatt-hour (kWh), 7.7 cents in China, 4.7 cents in Norway and 11.5 cents in the European Union. In comparison, average electricity prices for energy-intensive…

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Oil eases in choppy trading on U.S. tariffs, OPEC+ plans to raise output

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Oil prices

HOUSTON: Oil prices eased slightly in choppy trade on Thursday with Brent still below $70 under pressure from trade tariffs between the U.S., Canada, Mexico and China, and OPEC+ plans to raise output. Those factors and a larger than expected build in U.S. crude inventories had sent Brent as low as $68.33 on Wednesday, its weakest since December 2021. Brent futures were down 29 cents, or 0.4%, at $69.03 a barrel by 11:10 a.m. ET (1610 GMT) on Thursday while U.S. West Texas Intermediate crude futures eased 37 cents, or…

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Oil down on OPEC+ output increase, tariffs start and US pause on Ukraine aid

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oil price

LONDON: Oil prices extended losses on Tuesday following reports that OPEC+ will proceed with a planned output increase in April and as U.S. tariffs on Canada, Mexico and China came into effect, as well as Beijing’s retaliatory tariffs. Brent futures were down $1.05, or 1.5%, at $70.57 a barrel by 1133 GMT while U.S. West Texas Intermediate (WTI) crude was off 83 cents, or 1.2%, at $67.54. “The current downward trend in oil prices is primarily driven by OPEC+’s decision to increase output and the introduction of U.S. tariffs,” said…

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Saudi Aramco profits down 12.39 percent in 2024: statement

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Saudi Aramco profits

RIYADH: Saudi Aramco’s net profits dropped 12.39 percent to $106.25 billion in 2024, the world’s biggest oil exporter said on Tuesday, following a year of lower prices and output cuts. Profits fell on lower revenues “primarily attributable to lower prices and volumes sold of crude oil, as well as lower refined and chemical product prices”, it said. Expected dividends for 2025 also fell heavily to $85.4 billion, down from $124.3 billion announced for last year by the mainly state-owned company. Aramco is the chief source of revenue for Crown Prince…

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Oil prices stable as tariff and Ukraine uncertainty dominates sentiment

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Oil prices

LONDON: Oil prices were little changed on Monday after registering a monthly loss for the first time since November, while investors await the outcome of efforts to end the Russia-Ukraine war and repercussions from U.S. tariffs. Brent crude rose 11 cents, or 0.15%, to $72.92 a barrel by 1105 GMT while U.S. West Texas Intermediate crude was up 3 cents, or 0.04%, at $69.79. Ukrainian president Volodymyr Zelenskiy said on Sunday that he believed he could salvage his relationship with U.S. President Donald Trump. However, he said talks needed to…

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