Crude oil prices moved slightly higher today after the Energy Information Administration reported a crude oil inventory build of 1.1 million barrels for the week to February 11. This compares with a draw of 4.8 million barrels estimated for the previous week and an estimated 1.076-million-barrel inventory decline for last week as reported by the American Petroleum Institute on Tuesday.…
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The ongoing gas crisis is unlikely to subside when the mercury rises as LNG trading companies, Italy-based ENI and Singapore-based GUNVOR, have cancelled their term LNG cargoes, which were scheduled to be delivered in the first and second week of March 2022 respectively. This will be the fourth time when ENI will back out of delivering the term LNG cargo.…
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Europe is now on the “safe side” with regard to gas supply this winter despite concerns over Russian deliveries, European Commission President Ursula von der Leyen said Feb. 16, amid the continued standoff between Moscow and the West over Ukraine. We have, during the last weeks, looked into all possible disruption scenarios in case Russia decides to partially or completely…
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Crude oil production in the major oil-producing province of Khyber Pakhtunkhwa has decreased by almost 34 percent during the last three and a half years of the PTI government and has gone down to 33,000 BPD from the earlier 50,000 BPD. Similarly, no significant addition was made to the gas production in the province during the incumbent government, and as…
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At a time when people can barely afford to part with even a single rupee from their heavily strained budgets, the federal government has announced a dramatic rise in the prices of all petroleum products, with the increase ranging from Rs10 to Rs12 on average. Analysts believe this may be the highest rise in petroleum prices at one time ever…
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Islamabad [Pakistan], February 16 (ANI): Petroleum transporters have announced that they will hold an indefinite protest from Wednesday onwards if the government does not increase fares of fuel transportation that have remained unchanged since 2011 and warned to cut fuel supplies across the country.
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Increasing production cost making difficult to run factories, Abdul Rasheed SITE chief demands to withdraw recent increase in POL prices KARACHI: President, Site Association of Industry, Abdul Rashid, has declared the recent increase in POL prices disastrous for the economy and has appealed the Prime Minister Imran Khan to withdraw the recent increase in POL products otherwise, it will become…
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Islamabad February 16 2022: Federal Minister for Finance and Revenue Mr. Shaukat Tarin held a virtual meeting with Saudi Investment Minister Engr.Khalid Al-Falih, today. Chairman Board of Investment Mr. Muhammad Azfar Ahsan and other senior officers also participated in the meeting. Both sides highlighted deep-rooted bilateral ties and cordial relationship between the two countries. The two sides discussed about the…
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In a major development for the power sector, the Senate passed on Thursday the Weighted Average Cost of Gas (WACOG) bill. The development was announced by Federal Minister for Energy Hammad Azhar who said the bill is a “historic reform”, which will ensure Pakistan’s energy security. “WACOG bill has been passed today by Senate as well. It is a historic…
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