Category: Highlights

Pakistan defers LNG contract with Qatar for a year, petroleum minister says

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ISLAMABAD: Pakistan has deferred its liquefied natural gas (LNG) contract with Qatar for a year, Petroleum Minister Musadik Malik said on Wednesday, adding that the country will now get LNG cargoes from Qatar in 2026 instead of 2025. Annual power use in Pakistan, which gets over a third of its electricity from natural gas, has declined 8-10% year-on-year over the past three quarters, the country’s power minister told Reuters in November, primarily due to higher tariffs curbing household consumption. Qatar LNG contract: Strategy being mapped out to seek review The South Asian nation…

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Pakistan plans to bring Elon Musk’s satellite company Starlink to Pakistan

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Minister of State for Information Technology Shaza Fatima has said that the government is trying to bring the world’s billionaire Elon Musk’s satellite company Starlink to Pakistan. The minister stated this during a meeting of the Senate Standing Committee on IT and Telecom chaired by Palwasha Khan. Chairman Palwasha Khan said that whatever initiative the Ministry of IT takes, it puts the responsibility on the Ministry of Interior. I don’t understand why we have the Ministry of IT, she added while lashing out at the ministry. The IT officials said…

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Oil prices rise ahead of OPEC+ meeting

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Oil prices

NEW YORK: Oil prices rose more than 1.5% on Tuesday as investors await an OPEC+ meeting expected to rubber stamp continued output cuts while a fragile ceasefire between Israel and Lebanon provided additional support. Brent crude futures rose $1.16, or 1.6%, to $72.99 a barrel by 1346 GMT while US West Texas Intermediate crude was up $1.16, or 1.7%, at $69.26. OPEC+ is likely to extend its latest round of oil output cuts until the end of the first quarter when it meets on Thursday, four OPEC+ sources told Reuters.…

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Fuel oil smuggling network rakes in $1bn for Iran and its proxies

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DUBAI: A sophisticated fuel oil smuggling network that some experts believe generates at least $1 billion a year for Iran and its proxies has flourished in Iraq since Prime Minister Mohammed Shia al-Sudani took office in 2022, five sources with knowledge of the matter told Reuters. The operation exploits a government policy under which Iraq allocates fuel oil to asphalt plants at heavily subsidised prices and involves a network of companies, groups and individuals in Iraq, Iran and Gulf states, according to the five people and three Western intelligence reports, two…

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Oil prices steady ahead of imminent OPEC+ decision; geopolitical turmoil in focus

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Oil prices were little changed on Wednesday, with traders expecting OPEC+ to announce an extension to supply cuts this week while heightened geopolitical tensions continue to dominate market sentiment. Brent crude futures were up 5 cents, or 0.07%, at $73.67 a barrel by 1214 GMT while U.S. West Texas Intermediate crude futures fell 4 cents, or 0.06%, to $69.90. On Tuesday, Brent posted its biggest gain in two weeks, rising by 2.5%. A shaky ceasefire between Israel and Hezbollah, South Korea’s curtailed declaration of martial law and a rebel offensive…

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