Category: Highlights

Oil steadies as Sverdrup field restart counters geopolitical concerns

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crude oil

NEW YORK: US natural gas futures slid about 2% on Tuesday on forecasts for mild weather and less heating demand over the next two weeks than previously expected. Front-month gas futures for December delivery on the New York Mercantile Exchange fell 4.3 cents, or 1.5%, to $2.930 per million British thermal units (mmBtu) at 7:53 a.m. EST (1253 GMT). Analysts have said that mild weather so far this autumn should allow utilities to keep injecting more gas than usual into storage for the weeks ended Nov. 15 and possibly the…

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Oil prices climb as market weighs Ukraine war escalation

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oil price

LONDON: Oil edged higher on Wednesday as concerns about escalating hostilities in the Ukraine war potentially disrupting oil supply from Russia outweighed data showing rising U.S. crude stocks. Brent crude futures for January were up 49 cents, or 0.7%, to $73.80 a barrel at 1313 GMT. U.S. West Texas Intermediate crude futures for December, due to expire on Wednesday, were up 71 cents, or 1%, to $70.10, while the more active WTI contract for January was up 56 cents, or 0.8%, at $69.80. The escalating war between major oil producer…

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Iraq’s fuel oil exports head for record year after Oct volumes jump

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Iraq’s fuel oil

SINGAPORE: Iraq’s fuel oil exports are on track to hit all-time highs this year after the country ramped up shipments in October as domestic demand eased even as output rose, according to industry sources and ship-tracking data. The boost in exports of the residue fuel will support oil revenues for OPEC’s second-largest producer despite stagnant crude shipments this year due to production caps under quotas set by the Organization of the Petroleum Exporting Countries and its allies, or OPEC+. Higher exports from Iraq will also add to global supply and…

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Expanding renewables: Kohat Cement installs 5.34 MW solar power plant

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soalr energy

Kohat Cement Company Limited (KOHC) has installed and commissioned a 5.34 MW on-grid solar power plant. The cement maker shared the development in its notice to the Pakistan Stock Exchange (PSX) on Wednesday. “We are pleased to announce that the company has successfully installed and commissioned a 5.34 MW on-grid solar power plant at the company’s plant site, Kohat,” read the notice. “This installation is in addition to the 10 MW solar power plant already installed and operational at the same location,” it added. KOHC is one of the strong…

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IDEAS 2024: Global Defence Innovation Takes Center Stage

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IDEAS-2024

KARACHI: The 12th edition of the International Defence Exhibition and Seminar (IDEAS 2024) began with a grand inauguration at the Karachi Expo Centre on Tuesday. Federal Minister for Defence Production Khawaja Muhammad Asif presided over the ceremony, highlighting Pakistan’s commitment to international peace and security. This year’s IDEAS exhibition set new benchmarks with full capacity bookings at the venue. Over 560 exhibitors from 41 countries, including Turkey, China, Iran, the UK, and North and South America, are showcasing cutting-edge defence equipment. More than 350 high-level delegations from 55 countries are…

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