WASHINGTON: Top US officials said on Wednesday that Washington plans to control Venezuela’s oil sales and revenues indefinitely to stabilise the country’s economy, rebuild its oil sector, and ensure its actions align with US interests. The comments come after US forces abducted Venezuelan President Nicolas Maduro in a raid on Caracas, highlighting oil’s central role […]
oil
Asian stocks rise as investors weigh US intervention in Venezuela
Asian stocks climbed on Monday, while oil prices showed volatility, as investors assessed the implications of the United States’ military intervention in Venezuela and prepared for a packed week of economic data. Read More: Pakistan Stock Exchange outperforms 15 countries MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.2%, while S&P 500 e-mini futures edged up […]
Russian Oil Gamble
When the first discounted Russian crude shipment arrived in Karachi in 2023, it was billed as the dawn of a new energy paradigm for Pakistan. The tanker’s silhouette against the port cranes made for striking optics. A beleaguered economy seeking relief where few expected it. Back then, Islamabad was scrambling to ease a balance-of-payments crunch […]
Tanker Association representatives meet OGRA officials
Representatives of the Oil Tanker Association on Friday met with officials of the Oil and Gas Regulatory Authority (OGRA) to discuss issues related to the transition and transportation of petroleum products. During the meeting, the Association highlighted various operational challenges and concerns being faced by the sector. The OGRA officials assured that the matters raised […]
China Defends Russian Oil Purchases, Slams US Trade Measures
BEIJING – China on Thursday defended its purchases of Russian oil as “legitimate” and criticised the United States for “unilateral bullying” amid rising tensions over trade and energy policies. The statement came after former US President Donald Trump said Indian Prime Minister Narendra Modi promised to stop buying Russian oil, and claimed he would pressure […]
Eight killed as bus collides with Iranian oil vehicle
At least eight people were burnt to death and several others injured when a passenger bus collided with a vehicle carrying Iranian oil on the CPEC national highway in Balochistan’s Panjgur district on Saturday. According to police, the collision triggered a massive fire that engulfed both vehicles. The accidentT was initially reported to have claimed […]
Trump demands NATO halt Russia oil purchases before US sanctions
US President Donald Trump said Saturday he was ready to sanction Moscow, but on the condition that all NATO allies agree to completely halt purchases of Russian oil and implement their own sanctions. He also suggested members of the transatlantic alliance consider slapping tariffs of 50 percent to 100 percent on China as a way […]
Pakistan hits energy jackpot in Karak’s TAL block
Islamabad / Karak – Pakistan Oilfields Limited (POL) has announced a significant oil and gas discovery in Karak district, Khyber Pakhtunkhwa, signaling a much-needed boost for the country’s struggling energy sector. The discovery, located in the TAL Block, was formally communicated to the Pakistan Stock Exchange (PSX). The Makori Deep-2 well was drilled to a […]
Oil prices slide after OPEC+ output hike
Stock markets were mostly down in holiday-thinned trading ahead of central bank decisions later in the week, while shares in film companies fell after Trump announced tariffs on movies made outside the United States. Saudi Arabia, Russia and six other members of the oil cartel announced over the weekend an output increase of 411,000 barrels […]
Oil hits 2023 highs on tight supply outlook
Oil price near highest in 10 months Tighter market balance for rest of 2023 remains in focus U.S. crude and fuel inventories climb ECB raises interest rates, but signals end of hikes LONDON, Sept 14 (Reuters) – Oil rebounded on Thursday, with Brent crude topping $93 a barrel for the first time this year, as […]