Category: Highlights

Oil prices rose about 3% to a two-month high on Thursday on signs of tight supply ahead of U.S. summer driving season, as the European Union (EU) wrangled with Hungary over plans to ban crude imports from Russia over its invasion of Ukraine. Brent futures for July delivery rose $3.21, or 2.8%, to $117.24 a barrel by 11:15 a.m. EDT (1515 GMT). U.S. West Texas Intermediate (WTI) crude rose $3.98, or 3.6%, to $114.31. Brent was up for the sixth straight day in a row and on track for its…

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Saudi Arabia’s oil exports reached $30 billion in March, the highest in at least six years, driven by a rally in oil prices and rising production. The value of crude exports, now almost $1 billion a day, increased by 123% year on year, the kingdom’s statistics office said. Saudi Arabia’s crude production rose to 10.3 million barrels a day in March, with Brent oil prices averaging $112 a barrel. Prices have jumped almost 50% this year, mostly due to the fallout of Russia’s invasion of Ukraine. The higher revenues helped…

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The International Monetary Fund (IMF) Wednesday delayed the revival of the stalled $6-billion programme for Pakistan. The global lender said that there have been deviations from the policies agreed in the last review, partly reflecting the fuel and power subsidies announced by the government in February In a press release issued after the completion of ongoing talks in Doha, the IMF said that its mission led by Nathan Porter held both in-person and virtual discussions in Doha, Qatar with the Pakistani authorities during May 18-25 on policies to secure macroeconomic…

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Ambassador Donald Blome began his assignment at the United States Embassy in Islamabad today. Ambassador Blome will lead the United States Mission in Pakistan in its ongoing efforts to deepen connections between the Pakistani and American people and work with the government of Pakistan towards a more stable, secure, and prosperous future for Pakistan. Ambassador Blome brings a wealth of experience and expertise to this shared effort and to the U.S. Mission in Pakistan. On his arrival, Ambassador Blome said, “I am thrilled to be in Pakistan. I look forward…

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The world’s largest oil company, Saudi Aramco, cannot increase its oil production capacity any faster than it has already promised, the head of Saudi Aramco told Reuters on Tuesday on the sidelines of the WEF in Davos. Aramco is still planning on increasing its oil production capacity to 13 million barrels per day (bpd)—but that won’t be complete for another five years. In the meantime, Saudi Arabia’s capacity remains at 12 million barrels per day. Amin Nasser, the head of Saudi Aramco, said that it could achieve this 13 million…

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