Category: Highlights

Iran oil prices to China at multi-year high after exports fall

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oil price

SINGAPORE: Discounts on Iranian crude oil sold to China are at their tightest in around five years as lower exports drive up prices amid concerns that Middle East tensions may disrupt supply, trading sources said. The discounts are the narrowest since Chinese independent refiners, known as teapots, stepped in as buyers in late 2019, filling a vacuum left by the country’s state refiners wary of sanctions reinstated on Iran by the United States a year earlier. Higher prices or a reduction in Iranian oil flows, which make up 10% of…

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Stalemate Persists in Talks with 18 IPPs as Dispute Over Figures Impedes Progress

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Power-IPP

ISLAMABAD: Despite the Task Force on Energy’s success in terminating or amending contracts with 13 Independent Power Producers (IPPs), negotiations with the remaining 18 IPPs from the 1994 and 2002 policies remain deadlocked, as both sides contest each other’s financial figures, sources revealed. The Task Force, chaired by Minister for Power Sardar Awais Khan Leghari and comprising key officials from NEPRA, CPPA-G, and PPIB, has been engaging with IPP representatives, yet disagreements over government-provided statistics have strained discussions. Some IPPs have objected to the shift from “take or pay” to…

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Israel declares emergency for next 48 hrs amid rising tensions with Lebanon

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israel

Israel has declared an emergency for the next 48 hours amid the country’s escalating tensions with Lebanon, according to The Times of Israel. Israel’s Defence Minister, Yoav Gallant, declared an emergency. This comes as a “special situation in the home front,” which enables the IDF Home Front Command to issue restrictions. In emergencies, the legal term “special situation” is used to give authorities more authority over the civilian population, simplifying attempts to protect them. It is valid for 48 hours, unless extended by cabinet ministers. As tensions continue to rise,…

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Oil gains over 2% after OPEC+ delays output hike, US election in focus

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Oil-gains

Oil prices rose more than 2% on Monday on a decision by OPEC+ to delay by a month plans to increase output, while the market braced for a crucial week that includes the U.S. presidential election. U.S. Democratic candidate Kamala Harris and Republican Donald Trump remain virtually tied in opinion polls ahead of Tuesday’s Election Day, and the winner might not be known for days after voting ends. Brent futures were up $1.73 per barrel, or 2.4%, to $74.83 a barrel at 1324 GMT. U.S. West Texas Intermediate (WTI) crude was…

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FPCCI Proposes Amendments in Petroleum Act 1934Atif Ikram Sheikh, President FPCCI

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FPCCI-Project

Karachi: Atif Ikram Sheikh, President FPCCI, has appreciated Senator Musadik Malik, Federal Petroleum Minister and the Director General of Explosives at Ministry of Petroleum for responding to the concerns of trade and industry vis-à-vis the definition, handling, storage and licensing requirements of liquid hydrocarbon, mixed hydrocarbons and any other material or mixture containing hydrocarbons. Atif Ikram Sheikh apprised that FPCCI had officially written to the DG Explosives after receiving multiple complaints and queries from the sector to seek clarification. While we acknowledge their reply; nevertheless, we, at FPCCI, feel that…

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