Author: Admin

V8 Nations to Raise Oil Output by 547,000 Barrels per Day Amid Stable Market Conditions

Admin
Oil-Price

LONDON: The Voluntary Eight (V8) — comprising Saudi Arabia, the UAE, Oman, Kuwait, Iraq, Kazakhstan, Algeria, and Russia — have announced a collective decision to increase oil production by 547,000 barrels per day starting September 2025. The move, agreed upon during a recent meeting, is part of a broader strategy to regain market share amid steady demand and resilient crude prices. Currently producing around 41–42 million barrels daily, the group’s planned increase represents a 1.5% uptick. However, analysts suggest the modest rise is unlikely to significantly affect global oil prices,…

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Power Division Projects 25% Rise in Electricity Tariff by 2034

Admin
Power-Tariff

ISLAMABAD: Electricity prices in Pakistan are projected to rise by 25% over the next eight years, following a steep 50% increase over the past three years, primarily driven by sharp currency depreciation, according to a forecast by the Power Division. A working paper shared with stakeholders in late July estimates the average power tariff will reach Rs29.70 per unit by 2034, up from the current Rs24. The document highlights that the rupee’s depreciation triggered inflationary pressures and a tight monetary policy, which in turn fueled higher tariffs. Between FY2022 and…

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Pakistan’s Oil and Gas Production Declines for Fifth Consecutive Year

Admin
crude oil

KARACHI: Pakistan’s domestic oil and gas production has continued its downward trajectory for the fifth straight year, driven by a combination of policy uncertainty, security challenges, and natural reserve depletion, further exacerbating the country’s reliance on expensive energy imports. Data reviewed by The News reveals a consistent drop in output since FY20. According to the Pakistan Petroleum Information Services, oil production fell from 76,734 barrels per day (bopd) in FY20 to 62,395 bopd in FY25. The trend includes minor fluctuations, with output slightly recovering to 70,524 bopd in FY24 before…

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OGDCL Boosts Production at Rajian Well-05 with ESP Installation in Chakwal

Admin
OGDCL

ISLAMABAD: The Oil and Gas Development Company Limited (OGDCL) has successfully increased oil and gas production at its Rajian Well-05 in Chakwal District by installing an Electrical Submersible Pump (ESP), demonstrating the company’s continued commitment to enhancing field performance through advanced technologies. Following a planned workover and ESP deployment, output from Rajian-05 surged to 3,100 barrels of oil per day (BPD) and 1.0 million standard cubic feet per day (MMSCFD) of gas. Previously, the well had been producing only 820 BPD of oil and 0.5 MMSCFD of gas. The Rajian…

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Exchange Rate Adjustment, Levy Hikes Push Up Diesel Price Despite Petrol Cut

Admin
fuel-price

ISLAMABAD: High-Speed Diesel (HSD) prices have increased by Rs 1.48 per litre in the latest fortnightly review for August, largely driven by a Rs 3.21 per litre exchange rate adjustment applied to Pakistan State Oil (PSO), the country’s primary fuel importer. The Finance Division, in its Thursday announcement, also revealed a significant Rs 7.54 per litre cut in petrol prices, reflecting international market trends. However, several policy-driven adjustments contributed to the uptick in diesel pricing. One of the key factors was the rise in the petroleum levy on HSD, which…

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