Oil and Gas Development Company Limited (OGDCL) has discovered gas and condensate oil in district Tando Muhammad Khan of Sindh province, said a press release by the aforementioned org. The discoveries have been made from OGDCL’s exploratory-cum-appraisal well Mangrio # 01 in Nim Block. The OGDCL has 95 percent share in the Block and is […]
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Oil prices near 2019 highs after US ends all Iran sanction exemptions
Oil prices were near 2019 highs on Tuesday after Washington announced all Iran sanction waivers would end by May, pressuring importers to stop buying from Tehran. Brent crude futures were at $74.40 per barrel at 0239 GMT, up 0.5 percent from their last close and not far off a 2019 peak of $74.52 reached on […]
Oil prices rise for a second day on signs of strong China demand
Oil prices rose for a second day on Wednesday on signs of strong demand from refineries in China, the world’s second-largest crude user, amid tightening supply as producers curtail output and as oil inventories in the United States fell unexpectedly. International benchmark Brent crude oil futures rose 21 cents, or 0.29 percent, to $71.93 a […]
Brent nears $70 as oil prices rise for fourth day
Oil prices rose for a fourth day on Wednesday, pushing Brent toward $70 a barrel as support from OPEC-led supply cuts and US sanctions overshadowed a report showing an unexpected rise in US inventories. Brent futures rose 36 cents, or 0.5 percent, to $69.73 a barrel by 0554 GMT, after earlier reaching $69.87, the highest […]