Category: oil and gas

Crude rally deepens as US-Iran tensions shatter ceasefire hopes

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Oil prices extended their gains on Thursday after US President Donald Trump declared the ceasefire with Iran over and ordered fresh strikes following attacks on ships in the Strait of Hormuz. Both benchmark contracts surged about 8%, with Brent crude climbing above $80 a barrel for the first time in two weeks, raising concerns over higher inflation and potential risks to global economic growth. US West Texas Intermediate crude futures were trading at $74.52 a barrel. Washington also revoked a temporary sanctions waiver for Iranian oil. However, equity markets mostly…

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News Analysis: Why oil prices refuse to return to pre-war levels despite Islamabad MoU

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ISLAMABAD: When the US and Iran signed the Islamabad Memorandum of Understanding (MoU), financial markets initially celebrated what appeared to be the end of the most dangerous Middle Eastern conflict in decades. Yet one thing has puzzled investors, governments and consumers alike. If the war is over, why have oil prices not collapsed back to the $65-70 per barrel range that prevailed before hostilities erupted? The answer lies in a simple but often overlooked fact. While the Islamabad MoU has significantly reduced geopolitical risk, it has not restored the vast…

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UAE’s Strategic Oil Pipeline Bypassing Strait of Hormuz Reaches 50% Completion

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DUBAI: A new crude oil pipeline being developed by the United Arab Emirates to bypass the Strait of Hormuz is now 50 per cent complete, according to ADNOC CEO Sultan Al Jaber. The project, launched last year, is designed to strengthen the UAE’s export resilience by reducing dependence on the strategically sensitive waterway, through which a significant portion of global oil and gas supplies traditionally pass. Speaking at a live-streamed Atlantic Council event, Al Jaber said construction is being accelerated under directives from Abu Dhabi leadership. “Today, it’s already almost…

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Production Curbs Dent OGDCL Profit Despite Strong Exploration Gains

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ISLAMABAD: Pakistan’s largest exploration and production company, Oil and Gas Development Company Limited, reported an 11% decline in profitability for the first nine months (July–March) of FY2025-26, primarily due to forced production curtailments and weaker global energy prices. The company posted a profit after tax of *Rs115.3 billion, down from Rs129 billion in the same period last year and Rs171 billion in FY2023-24. Net sales also slipped by 3.5% to *Rs300.1 billion, compared to Rs311 billion a year earlier. The Board of Directors approved a *third-quarter dividend of Rs3.25 per…

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Fuel Sales Drop Sharply as Govt Tightens Digital Monitoring of Petrol Pumps

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ISLAMABAD: Pakistan has witnessed a significant decline in fuel consumption during the first half of April 2026, following the government’s rollout of a strict digital monitoring system aimed at regulating petroleum sales and curbing misuse. According to official data from Pakistan State Oil (PSO), sales of Premier Motor Gasoline (PMG) fell by 14% year-on-year, while High-Speed Diesel (HSD) consumption dropped sharply by 26% during the first 15 days of the month, amid rising fuel prices and tighter oversight. The regulatory push is being led by the Oil and Gas Regulatory…

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