Category: Latest News

OPEC+ may discuss 2027 baselines and agree July hike this week, sources say

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opec

OPEC+ may discuss issues around its baselines for 2027 production at its meeting on Wednesday, two delegates from the group said, while separate talks due on Saturday could agree a further accelerated oil output hike for July. The group, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, has been discussing new baselines – production levels from which each member makes cuts or increases – for the last few years. Baseline issues are controversial because some members such as the United Arab Emirates and Iraq…

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OPEC+ expected to open taps more despite price slump

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opec

LONDON: Despite oil trading low at $60, OPEC+ this week is expected to continue to further open the taps. This follows pressure from US President Donald Trump and group leader Saudi Arabia’s quest to penalise allies that breach the cartel’s quotas. In past months, Saudi Arabia, Russia and six other OPEC+ members have surprised markets by announcing a sharp increase in oil production for May and June despite the low prices. Numbering a total of 22 countries, most of which are highly dependent on oil revenues, the group has long…

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OPEC+ set to agree July oil output hike this week, sources say

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oil price

LONDON/DUBAI: OPEC+ is likely to agree to a further accelerated oil output hike for July this week, three delegates from the group told Reuters, in the latest stage of a plan to meet rising demand and increase market share. When the 22-member group meets on Wednesday to review the market, it is not expected to change policy, the sources said. But they said they expected an output hike to be agreed for July when the eight OPEC+ members meet on Saturday. OPEC+, which includes the Organization of the Petroleum Exporting Countries…

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Oil steady ahead of OPEC+ meeting as trade war concerns ease

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Oil prices

LONDON: Oil prices were little changed on Tuesday as easing trade war concerns offset expectations OPEC+ will decide to increase output at a meeting later this week. Brent crude futures were down 28 cents, or 0.4%, at $64.46 a barrel by 1154 GMT, while U.S. West Texas Intermediate (WTI) crude fell 33 cents, or 0.5%, to $61.20 a barrel. Easing trade war concerns are lifting prices, but the upside remains limited until it is clear what the OPEC+ will decide on Saturday, said UBS analyst Giovanni Staunovo. The Organization of…

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Massive Blaze Destroys Solar Factory in Karachi’s Korangi Industrial Area

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Solar-2025

KARACHI – A massive fire erupted at a solar panel manufacturing factory in the Korangi Industrial Area near Murtaza Chowrangi, causing extensive damage and losses worth millions of rupees, according to a report by 24NewsHD TV Channel on Tuesday. Upon receiving the emergency call, the Central Command and Control of Rescue 1122 immediately dispatched a response team, including one ambulance and two fire brigade trucks, to the scene. Firefighters swiftly launched operations to contain the blaze and prevent it from spreading to nearby units. Despite their prompt response, the inferno…

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