Oil prices rose on Friday as investors considered Russia’s threat to halt oil and gas exports to some buyers, but crude was set for a second straight weekly decline as central banks’ aggressive rate hikes and China’s Covid-19 curbs weighed on demand. Brent crude futures rose 27 cents, or 0.3 per cent, to $89.42 a barrel by 0330 GMT. US…
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Countries are rushing to fill their underground facilities ahead of the winter season in a bid to prevent widespread industrial paralysis and more energy poverty. The need to store gas has become a national security priority in the wake of Russia’s war in Ukraine, with the possibility of a complete suspension of Russian flows looming over the EU.The indefinite shutdown…
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Crude prices edged up about 1% on Thursday after dropping to a seven-month low in the prior session after Russia threatened to halt oil and gas exports to some buyers. That price increase came despite a surprise build in U.S. crude inventories last week and concerns that China’s extension of COVID-19 lockdown measures would slow global economic activity and hit…
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Chairman WAPDA Lt Gen (r) Sajjad Ghani Thursday visited Hub Dam, constructed across River Hub, 56km north east of karachi. He had detailed round of various components of the dam during the visit. GM Projects (South) and Project Director Hub Dam briefed the chairman about safe and effective operation of the dam during the torrential monsoon rains in July and…
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Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has demanded National Electric Power Regulatory Authority (NEPRA) reinstate past mechanism for fixed charges based on actual maximum demand and the units consumed, a press release revealed on Thursday. “The current practice of fixed charges based on 50 percent of sanctioned load defies all logic and fair practice,” said FPCCI president…
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Mari Petroleum Company Limited on Thursday announced a temporary suspension of production operations at its Zarghun South Gas Field and Ziarat Block after flash floods adversely impacted gas pipelines and road infrastructure in Balochistan. As per a notice sent to the Pakistan Stock Exchange (PSX), MPCL, which is the operator of Zarghun South Gas Field and Ziarat Block in Balochistan…
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Pakistan was massively short of energy as there were 18 hours of blackouts across the country back in 2014. China has come to our support to overcome the energy crisis by adding clean and green energy to the national grid,” a Pakistani minister said. ISLAMABAD, Sept. 9 (Xinhua) — Pakistan’s Minister for Power Khurram Dastgir Khan said on Thursday…
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The federal government has finalized names for appointment of managing directors in Oil and Gas Development Company (OGDCL) and Pakistan Petroleum Limited (PPL), ARY NEWS reported. According to sources privy to the matter, it has been decided to appoint Zahid Mir as MD OGDCL while Imran Abbasi will be posted as MD PPL. “The federal cabinet has approved both the…
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Asian spot liquefied natural gas (LNG) prices climbed to near record levels this week as Asian buyers sought to secure supply ahead of winter, narrowing the price spread with Europe where Russian gas flows remain curtailed. The average LNG price for September delivery into north-east Asia was estimated at $48 per million British thermal units (mmBtu), up $3, or 6.7%,…
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Brent crude futures were down $4.12, or 4.4 percent, at $88.71 a barrel by 12:43 p.m. EDT (1543 GMT), touching their lowest since February 3 and falling below $90 a barrel for the first since February 8. US West Texas Intermediate crude fell by $4.29, or 4.9 percent, to $82.46, reaching its lowest since January 24 as recession fears moved…
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