Category: Latest News

LONDON: Oil prices edged lower on Monday after OPEC+ agreed to raise production targets for August, while recovering crude exports through the Strait of Hormuz and rising shipments from key producers added to expectations of increased global supply. Brent crude futures slipped 34 cents (0.47%) to $71.78 per barrel, while U.S. West Texas Intermediate (WTI) crude declined 20 cents (0.29%) to $68.49 per barrel in early trading. WTI did not settle on Friday as U.S. markets were closed ahead of the Independence Day holiday. The modest decline follows weeks of…

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Shanghai: Trinasolar, a global leader in smart photovoltaic (PV) and energy storage solutions, has signed a 200MW Memorandum of Understanding (MoU) with Shwe Wah Yaung Agriculture Production Company Limited (SWY) to distribute its latest Vertex N G3 and Vertex S+ G3 solar modules across Myanmar over the next three years. The agreement was formalized during the Myanmar-China Investment and Trade Networking Summit held in Shanghai on June 18, 2026, where businesses from both countries gathered to strengthen cooperation in trade, investment, and industrial development. SWY, one of Myanmar’s leading rice…

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ISLAMABAD: Pakistan is expected to witness significant growth in electric mobility, with the number of electric vehicles (EVs) on its roads projected to reach 2.2 million by 2030, according to a briefing presented to the Senate Standing Committee on Industries and Production. The committee was informed that under the country’s electric vehicle policy, the adoption of EVs is expected to accelerate over the coming years, driven by government support and increasing local manufacturing. The briefing revealed that more than 12,800 electric vehicles and approximately 160,000 electric motorcycles have already been…

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KARACHI: Pakistan’s refinery product offtake declined 8.1% year-on-year (YoY) in June 2026, driven mainly by a sharp drop in demand for high-speed diesel (HSD) and furnace oil (FO), while refinery production continued to increase, resulting in higher inventory levels across the sector. According to industry data, HSD sales fell 16% YoY to 423,000 tonnes, reflecting lower procurement by oil marketing companies (OMCs) and a resurgence in cross-border fuel smuggling, encouraged by elevated domestic diesel prices. The average ex-refinery price of HSD stood at Rs347 per litre during June, representing a…

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DUBAI: Iran has initiated discussions with Japanese companies to resume crude oil exports following the recent easing of U.S. sanctions, although potential buyers are seeking a longer sanctions waiver and assurances over the safety of shipping routes through the Gulf, according to Iranian and Western sources. The United States authorised limited Iranian oil sales in June as part of broader diplomatic efforts aimed at securing a comprehensive agreement with Tehran. The proposed deal seeks stronger commitments from Iran on nuclear inspections and the protection of freedom of navigation through the…

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