HOUSTON: Oil prices declined for a third day on Wednesday after US crude oil stocks posted a larger-than-expected build, adding a further headwind as investors worried about OPEC+ plans to proceed with output increases in April, and US President Donald Trump’s tariffs on Canada, China and Mexico escalated trade tensions. Brent futures fell $2.19, or 3.1%, to $68.85 a barrel…
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LONDON: OPEC oil output rose in February, a Reuters survey found, as Iranian exports held strong, despite renewed U.S. attempts to curb the flows, and Nigeria boosted output above its target within the wider OPEC+ group. The Organization of the Petroleum Exporting Countries pumped 26.74 million barrels per day last month, up 170,000 bpd from January’s revised total, the survey showed on…
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Karachi: Mr. Atif Ikram Sheikh, President FPCCI, has apprised that the business, industry and trade community of Pakistan is dissatisfied with the monetary policy as it continues to be based on a heavy premium vis-à-vis core inflation as the State Bank of Pakistan (SBP) announced a grossly-insufficient reduction of merely 100 bps on January 27th in its last Monetary Policy…
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OGRA Urged to Convene Meeting on ‘Take or Pay’ ClauseIslamabad: Pakistan’s five refineries have requested the Oil and Gas Regulatory Authority (OGRA) to convene a joint meeting with oil marketing companies (OMCs) to discuss and agree on the ‘take or pay’ clause in sales purchase agreements (SPAs). In a letter signed by the Managing Directors of Pak-Arab Refinery Company Limited…
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Growatt, a global leader in distributed energy solutions, recently strengthened its commitment to Pakistan’s sustainable energy transition through two pivotal events in Lahore: a strategic roadshow on February 20 and an impactful exhibition at Solar Pakistan 2025 (February 21–23). These engagements highlighted the company’s innovative technologies, local partnerships, and dedication to addressing Pakistan’s evolving energy needs. Roadshow: Building Momentum for…
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His Excellency Avazbek Atakhanov, Ambassador of Kyrgyzstan to Pakistan, called on Federal Minister for Power, Sardar Awais Ahmed Khan Leghari.During the meeting, discussions focused on strengthening bilateral relations, with a emphasis on energy cooperation between the two countries. Both sides reaffirmed their commitment to expanding collaboration in key sectors, especially in the power sector.Federal Minister Sardar Awais Ahmed Khan Leghari…
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Federal Minister for Power Sardar Awais Ahmed Khan Leghari met with international development partners to discuss Pakistan’s power sector reforms. The meeting aimed to bring efficiency and discipline to the power sector, reducing electricity prices for consumers and industries. Key Reforms Discussed Goals and Commitments The meeting demonstrated the government’s commitment to transforming Pakistan’s power sector, ensuring affordable and reliable…
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The Neelum-Jhelum Hydropower Plant has been shut down since May 2024 due to an obstruction in its headrace tunnels. To address this issue, the Prime Minister has formed a committee to investigate the causes of the obstruction and implement the recommendations of the WAPDA committee.¹ The plant, which began operations in 2018, has generated approximately 20 billion units of electricity.…
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According to sources from the Ministry of Foreign Affairs, between September 2023 and January 2025, 4,740 Pakistani prisoners who had completed their sentences in various UAE jails were deported. Additionally, 5,800 other Pakistani citizens were deported due to various crimes during the same period. The UAE has been cracking down on Pakistani citizens, with many countries worldwide imposing restrictions on…
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LONDON: Oil prices were little changed on Monday after registering a monthly loss for the first time since November, while investors await the outcome of efforts to end the Russia-Ukraine war and repercussions from U.S. tariffs. Brent crude rose 11 cents, or 0.15%, to $72.92 a barrel by 1105 GMT while U.S. West Texas Intermediate crude was up 3 cents,…
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