Opec+ has agreed a further increase in output targets from August, the group said in a statement on Sunday, adding to global supply at a time when oil prices are falling due to the gradual reopening of the Strait of Hormuz for oil exports. The oil-producing group agreed during an online meeting to increase quotas […]
oil
Pakistan mulling over purchase of cheaper oil, gas from Iran, say ministers
Petroleum Minister Ali Pervaiz Malik on Sunday said that Pakistan was “considering” purchasing cheaper Iranian oil and gas. The option of sourcing Iranian crude oil supplies has again become available to Pakistan after a temporary easing of US sanctions on Tehran. By availing this opportunity, Pakistan could source discounted crude and refine it locally to […]
Oil industry reports $367m loss after fuel price cut
Pakistan’s oil industry has suffered losses of about Rs104 billion ($367 million) following a sharp government-mandated fuel price cut last week, according to an industry letter seen by Arab News, with oil companies warning that repeated changes to pricing rules are undermining confidence in the sector. The losses stem from a sudden reduction in fuel […]
OPEC+ agrees fourth oil quota hike since Hormuz closure
OPEC+ agreed on Sunday a fourth increase in its oil output targets in as many months, OPEC said in a statement, even though the U.S. war with Iran is still preventing several of the group’s members from pumping more. The war has cut oil flows via the Strait of Hormuz, creating the world’s biggest-ever supply […]
Oil falls on hopes of broader peace after Lebanon, Israel halt fighting
Oil prices fell on Thursday as a ceasefire deal between Israel and Lebanon boosted hopes for a broader agreement to end the US-Israeli war with Iran that could lead to a reopening of the Strait of Hormuz. Brent futures were down 87 cents, or 0.89%, at $96.92 a barrel by 0458 GMT, while US West […]
OGDCL makes 19 oil, gas discoveries since 2023
The Oil and Gas Development Company Limited (OGDCL) has made 19 oil and gas discoveries across Sindh, Punjab, and Khyber Pakhtunkhwa since 2023, marking a major boost to Pakistan’s energy security and a key step toward cutting reliance on expensive fuel imports. According to official documents available with Wealth Pakistan, the discoveries carry an estimated […]
Govt plans oil reserves, storage push as Hormuz crisis exposes vulnerabilities
Pakistan plans to boost domestic storage for crude oil and refined products to increase its energy security, according to a government document that was shared with oil producers and some of the world’s leading trading firms. Despite depending on supplies through the Strait of Hormuz for up to 90% of its oil and liquefied natural […]
Oil and LNG tankers exit Hormuz, heading for Pakistan and China
Ship-tracking data showed three liquefied natural gas tankers passed through the Strait of Hormuz in recent days, heading to Pakistan, China and India, as well as a supertanker with Iraqi crude for China after being stranded for nearly three months. The vessels join a handful of supertankers leaving the Gulf this month via a transit […]
Government revives offshore oil, gas hunt after two decades
Pakistan’s offshore frontier was formally reopened after nearly two decades on Wednesday as the government inked Production Sharing Agreements (PSAs) and Exploration Licences (ELs) for offshore blocks. Federal Minister for Petroleum Ali Pervaiz Malik witnessed the signing ceremony of PSAs and ELs for offshore exploration blocks awarded under the Offshore Bid Round 2025, read an […]
OPEC+ raises oil output quotas for ‘stability’ after shock UAE pull-out
Saudi Arabia, Russia and five other OPEC+ countries increased their oil production quota on Sunday in an expected move aimed at demonstrating continuity at the cartel after the shock withdrawal of the United Arab Emirates. The seven major producers will add 188,000 barrels per day to their total production quota for June amid the price […]