NEW YORK: Oil prices rose more than 1.5% on Tuesday as investors await an OPEC+ meeting expected to rubber stamp continued output cuts while a fragile ceasefire between Israel and Lebanon provided additional support. Brent crude futures rose $1.16, or 1.6%, to $72.99 a barrel by 1346 GMT while US West Texas Intermediate crude was up $1.16, or 1.7%, at…
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DUBAI: A sophisticated fuel oil smuggling network that some experts believe generates at least $1 billion a year for Iran and its proxies has flourished in Iraq since Prime Minister Mohammed Shia al-Sudani took office in 2022, five sources with knowledge of the matter told Reuters. The operation exploits a government policy under which Iraq allocates fuel oil to asphalt plants…
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Oil prices were little changed on Wednesday, with traders expecting OPEC+ to announce an extension to supply cuts this week while heightened geopolitical tensions continue to dominate market sentiment. Brent crude futures were up 5 cents, or 0.07%, at $73.67 a barrel by 1214 GMT while U.S. West Texas Intermediate crude futures fell 4 cents, or 0.06%, to $69.90. On…
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Meta, the tech giant, is inviting proposals from nuclear power developers to add 1 to 4 gigawatts of U.S. nuclear generation capacity by the early 2030s. This move aligns with the company’s efforts to address rising electricity demand for artificial intelligence and environmental sustainability. “Nuclear energy will play a pivotal role in transitioning to a cleaner, more reliable, and diversified…
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ISLAMABAD: Prime Minister Shehbaz Sharif has instructed the Petroleum Division to resolve the impasse over the Brownfield Policy, aimed at upgrading local refineries to produce Euro-V standard petrol and diesel, within two weeks. The directive comes amidst delays in implementing the sales tax exemption critical to the policy’s success. The issue, a contentious budgetary measure from the FY25 Finance Bill,…
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KARACHI: The power utility company, K-Electric (KE), disconnected electricity to Pakistan Railways (PR) on Tuesday over unpaid bills amounting to Rs430 million since May 2024, disrupting key operations, including the online ticketing and signal systems for 38 daily passenger trains from Karachi. In its statement, KE stressed the unsustainability of continuing supply without payment and highlighted repeated defaults despite prior…
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KARACHI: Electric vehicle (EV) motorbike assemblers and dealers in Pakistan are urging the federal government and the Engineering Development Board (EDB) to adopt critical policy reforms under the upcoming New Energy Vehicle (NEV) policy. Their charter of demands includes tax exemptions, free registration for customers, accessible financing options, and localisation incentives to reduce costs and accelerate growth in the NEV…
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KARACHI: Pakistan’s petroleum sales surged to a 25-month high in November 2024, reaching 1.58 million tonnes, marking a 15% year-on-year (YoY) increase. This growth, driven by stringent enforcement against smuggled Iranian fuel and significant reductions in petrol and diesel prices, underscores the recovery of the energy market and highlights the effectiveness of recent policy interventions. A report by Arif Habib…
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