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The oil world was abuzz at the end of last week on speculation that the UAE might be on the verge of pulling out of the Organization of Petroleum Exporting Countries (OPEC). It was an entertaining sideshow to the heavyweight meetings of the OPEC+ ministerial committee that monitors output and compliance earlier in the week, but ultimately seems likely to amount to little more than a storm in an oil barrel. Reports that Abu Dhabi was considering withdrawal from OPEC, of which it was a founding member, were based on…

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The world’s biggest container carrier saw profits soar 83% in the third quarter on recovering volumes, rising freight rates Danish shipping and logistics giant A.P. Moeller-Maersk A/S expects that the global container market could expand by up to 5% in 2021 in a rebound from the pandemic-driven hit to trade in the first half of this year. The parent of Maersk Line, the world’s largest container line by capacity, said Wednesday that trade volumes are growing again this fall as retailers and manufacturers restock depleted inventories and consumers who were hunkered down…

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ISLAMABAD: An accountability court on Thursday rejected former prime minister Shahid Khaqan Abbasi’s plea seeking live telecast of LNG terminal case proceedings. PML-N leader Shahid Khaqan Abbasi had filed a petition in the accountability court and requested live coverage of the LNG reference against him and others by the NBA. Abbasi, former finance minister Miftah Ismail, former managing director of the Pakistan State Oil (PSO) Sheikh Imranul Haq, ex-chairperson of the Oil and Gas Regulatory Authority (Ogra) Uzma Adil and others were named in the reference. On Nov 16, the…

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Growth in the petroleum industry has gradually moved from positive to negative over the last four years. Product-wise overall growth that recovered post FY16 has been falling in the last two fiscal years. FY20 has been the weakest year in terms of year-on-year growth that stood at -20 percent as per SBP’s Annual Report for FY20 released yesterday. Year-on-year growth in individual key fuels has been catching up with the overall trend where FY20 saw all petroleum products including petrol (or Motor Spirit) incurring a negative growth rate. This is…

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The Sindh government announced on Wednesday the successful completion of its ground-breaking pilot project to extract palm oil from the indigenous plantation of oil palm trees in the Thatta district. It said the pilot project successfully completed by its Environment and Coastal Development Department had shown that the coastal strip of the country had the capability of growing oil palm trees. Environment and Coastal Development Adviser Barrister Murtaza Wahab visited the newly established mill in the Ghulamullah Town of Thatta for extracting palm oil from the nearby oil palm tree…

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