Category: Highlights

After months of increased Russian crude oil and petroleum product volumes heading to Asian customers, mainly China and India, Russian oil is now facing stiff competition. The first signs of a potential reversal of Moscow’s luck in Asia are showing as media reports that Russian crude oil volumes to India have fallen for the first time since March (the start of the Russian invasion of Ukraine). Indian refiners are reported to have lifted more term supplies from Russia’s main rival, Saudi Arabia, as Aramco’s price setting strategy has made its…

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Oil prices rose on Wednesday in volatile trading on concerns that the US will not consider additional concessions to Iran in its response to a draft agreement that would restore Tehran’s nuclear deal, and potentially the OPEC member’s crude exports. Iran said it had received a response from the US to the EU’s “final” text for revival of Tehran’s 2015 nuclear deal with major powers. Brent crude rose by 40 cents to $100.62 a barrel by 12:57 p.m. EDT (1447 GMT). US crude rose 56 cents to $94.30 a barrel.…

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Federal Resources Minister Madeleine King yesterday handed Australia’s fossil fuel industry two significant wins. The minister announced oil and gas exploration will be allowed at ten new Australian ocean sites – comprising almost 47,000 square kilometres. And she approved two new offshore greenhouse gas storage areas off Western Australia and the Northern Territory, to explore the potential of “carbon capture and storage” (CCS) technology. The minister said the new oil and gas permits will bolster energy security in Australia and beyond, and ultimately aid the transition to renewables. King also…

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In the wake of daily protests by the general public and traders against inflated electricity bills, a local lawyer on Wednesday moved the Supreme Court seeking a direction to the federal government to either withdraw completely or at least reduce to some extent the Fuel Price Adjustment (FPA) charges and other surcharges from the utility bills. Meanwhile, the Lahore High Court allowed dozens of petitioners to pay only the electricity bill for July, excluding the FPA amount. Advocate Zulfikar Ahmed Bhutto, while acting pro bono publico, filed a petition with…

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Pakistan Army officers and all members of the federal cabinet announced to donate one month’s salary to the flood relief fund. A statement issued by the military’s media wing said on Thursday that “All General Officers of the Pakistan Army (all Brigadiers, Major Generals, Lieutenant Generals, and Generals) have donated one month’s pay to go towards relief and humanitarian aid/ration packages for flood-affected families in Pakistan”. On the other hand, all the members of the federal cabinet have announced that they will donate one month’s salary to the flood victims.

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