Crude production from Iraq, Kazakhstan, and Russia has declined in compliance with OPEC+ production cuts, supporting a modest near term upside to Brent prices, Goldman Sachs said. Saudi Arabia is more likely to extend oil production cuts because of the recent price drop and we now think that oil production cuts will last until April 2025 instead of January, the…
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Oil prices edged lower on Wednesday as a large, surprise build in U.S. gasoline stocks outweighed easing supply concerns from a ceasefire deal between Israel and Hezbollah. Brent crude futures fell 12 cents, or 0.2%, to $723.69 a barrel by 10:40 a.m. ET (1540 GMT) and U.S. West Texas Intermediate crude eased 15 cents, or 0.2%, to $68.64. U.S. gasoline…
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ISLAMABAD: The Power Division has reportedly declined to support Korean firms developing hydropower projects in Khyber Pakhtunkhwa (KPK), leaving multimillion-dollar investments in limbo due to their exclusion from the Indicative Generation Capacity Expansion Plan (IGCEP). Korean companies, including LSG Hydro Power Limited (LSG HPL) and Korea-South East Power Company (KOEN), have faced repeated hurdles despite making substantial progress. LSG HPL’s…
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LONDON: Oil edged higher on Wednesday as concerns about escalating hostilities in the Ukraine war potentially disrupting oil supply from Russia outweighed data showing rising U.S. crude stocks. Brent crude futures for January were up 49 cents, or 0.7%, to $73.80 a barrel at 1313 GMT. U.S. West Texas Intermediate crude futures for December, due to expire on Wednesday, were…
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SINGAPORE: Iraq’s fuel oil exports are on track to hit all-time highs this year after the country ramped up shipments in October as domestic demand eased even as output rose, according to industry sources and ship-tracking data. The boost in exports of the residue fuel will support oil revenues for OPEC’s second-largest producer despite stagnant crude shipments this year due…
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ISLAMABAD: Minister for Petroleum and Water Resources Musadik Masood Malik on Thursday said Pakistan was heading towards the right direction as it had successfully controlled inflation, achieved substantial growth in agriculture sector and witnessed an increase in foreign reserves.He was speaking at the concluding plenary of the four-day Sustainable Development Conference organised by the Sustainable Development Policy Institute (SDPI).Mr Malik…
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Rising fuel cost adjustments and limited energy diversification put Pakistani consumers at risk of escalating electricity bills. Here’s how the total tariff works and what to expect moving forward. In a recent NEPRA hearing for September’s fuel cost adjustments (FCA), a case officer revealed a potential increase of ‘15 paisa per unit’ in the energy tariffs for XW-Wapda Distribution Companies…
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ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) has jacked up the per kilogram price by Rs 2.88 per kilogram Ra price hike for the month of November, impacting household and commercial consumers across Pakistan. This increase in LPG prices comes amid the ongoing volatility in energy markets. As per the new notification, LPG prices have increased by PKR 2.88…
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