Category: Recent Post

Pakistan may return $2b Saudi Arabian loan

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ISLAMABAD: Pakistan may return $2 billion Saudi Arabian loan and is looking for various options to secure more lending aimed at retaining gross official foreign exchange reserves at their current level of over $12 billion, Ministry of Finance sources told The Express Tribune.  The second tranche of $1 billion of Saudi loan is maturing next month and there is likelihood that the government will return the money – two years after the borrowings, the sources added.  The Saudi Arabian financial assistance package, originally estimated at $6.2 billion, had helped the…

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Turkey’s central bank chief ousted after lira plunges to record lows

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The Turkish president, Recep Tayyip Erdoğan, has removed the governor of the country’s central bank from his post after the lira currency hit record lows, having lost 30% of its value since the start of the year. The decision to replace Murat Uysal as governor was made by presidential decree and announced in the country’s official gazette early on Saturday. It was not immediately clear why Uysal was removed. The lira closed at 8.544 against the US dollar on Friday after a touching record low of 8.58, despite dollar weakness as…

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U.S. Energy Exports To Mexico Near Record-High Levels

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The United States exported crude oil, petroleum products, and natural gas to Mexico worth nearly US$34 billion in 2019, just shy of the record-high value of energy exports in 2018, the U.S. Energy Information Administration (EIA) said on Wednesday. According to data from the latest annual Standard International Trade Classification (SITC) from the U.S. Census Bureau, the U.S. imported energy products from Mexico worth US$13 billion last year, the EIA estimates showed. The value of U.S. energy exports to Mexico exceeded the value of energy imports from Mexico in 2015,…

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POL sales hit two-year high

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The sales of petroleum oil products in Pakistan hit two-year high level of 1.7 million tons in October with high speed diesel (HSD) leading the rally from the front. The overall sales increased 11% to 1.7 million tons in October compared to 1.52 million tons in September. The growth in the sales may be attributed to revival of economic activities as large scale manufacturing sector ie fertiliser, cement and steel are showing gradual growth in production over the past couple of months. The growth in overall sales is “backed by…

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Texas Oil Industry May Have Left The Worst Of The Downturn Behind

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Although the Texas upstream oil and gas industry remained in contraction in the third quarter, signs have emerged in employment and rig counts that the sector may have already seen the worst of the downturn and could be headed to recovery, the Texas Alliance of Energy Producers said in its latest Texas Petro Index (TPI) this week. The exploration and production activity index in Texas declined for the 19th month in a row in September, falling to 145.4 from 150.4 in August, and down by 27.5 percent compared to the September 2019…

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