Seven OPEC+ countries have an agreement in principle to raise oil output targets by about 188,000 barrels per day in June, pressing on with plans despite the departure of the UAE, two sources familiar with OPEC+ thinking said ahead of a policy meeting on Sunday. The output hike is largely symbolic for now, with most […]
oil
Oil under pressure as US blockade of Hormuz begins
The United States Naval blockade begins in the Strait of Hormuz after the deadline of 7 pm (10 am ET). A blockade was imposed on all the ships entering or leaving Iranian ports. After the deadline, Trump warned on the Truth Social platform about the blockade. ” If any of these ships come anywhere close […]
Saudi Arabia likely to invest $10bn in Gwadar oil refinery project
Pakistan has decided to expand its petroleum storage capacity, while a major investment is expected from Saudi Arabia for the establishment of an oil refinery in Gwadar. Sources in the Ministry of Petroleum indicate that Saudi Arabia is likely to invest around $10 billion in the Gwadar oil refinery project. The plan involves Saudi Aramco […]
Why Pakistan Does Not Import Oil from Iran?
The question is increasingly being asked with urgency: why does Pakistan not import “cheaper” oil from Iran? At first glance, the argument appears both logical and economically appealing. However, the reality is far more complex. Pakistan’s decision is shaped by a combination of economic constraints, diplomatic considerations, financial systems, and strategic priorities. The issue is […]
Israel Hijacks Global Oil Flow
The war that has engulfed the Middle East over the past several weeks is no longer merely a confrontation of missiles, drones, and military doctrines. It is rapidly revealing itself as a deeper contest over geography, energy, and long-term global control. Beneath the smoke of bombed installations and the rhetoric of national security lies a […]
Fresh oil cargo arrives in Pakistan amid global volatility, more shipments lined up
Pakistan has received a fresh crude oil cargo, with another vessel expected to arrive shortly, as authorities step up efforts to build fuel stocks and ensure supply stability amid volatile global energy markets and ongoing regional tensions. The development was shared during ameeting of the Committee to Monitor Petrol Prices, which was held on Wednesday […]
Russia ready to supply discounted oil to Pakistan, says envoy
The Russian Ambassador to Pakistan, H.E. Mr. Albert P. Khorev, held a press briefing at the Russian Embassy in Islamabad, addressing a range of regional and international issues amid escalating tensions in the Middle East and ongoing global conflicts. Ambassador Khorev accused the United States and Israel of actively attempting to sow disorder and division […]
Fire at UAE oil hub as Iran vows revenge for Kharg Island attack
Iran warned it could hit selected targets, including US “hideouts” in the United Arab Emirates, and warned civilians to evacuate on Saturday, projecting defiance after US forces hit military sites at its own main oil hub a day earlier. Some oil-loading operations have been suspended in the UAE’s Fujairah emirate, a major bunkering hub and […]
World shares decline, oil pops above $100 a barrel over Iran war worries
World shares retreated on Friday while oil prices again popped above $100 per barrel as anxiety remained over the Iran war and its impact on supplies of crude oil and gas. U.S. futures slipped, with the futures for the S&P 500 and Dow Jones Industrial Average down 0.3%. In early European trading, Britain’s FTSE 100 […]
Oil tops $100 as Iran attacks offset IEA stockpile release
Oil soared above $100 and stocks sank Thursday as Iran’s fresh attempts to hit supplies in the Middle East and threats to bring down the global economy overshadowed a record release of strategic crude by the International Energy Agency. The IEA said Wednesday that its members had agreed to unlock 400 million barrels of oil […]