The Petroleum Division, Government of Pakistan Thursday signed Petroleum Concession Agreements (PCAs) and Exploration Licences (ELs) awarding 11 onshore blocks marking a significant step forward in advancing oil and gas exploration activities across the country. The signing ceremony was held in Islamabad, and was attended by the Federal Minister for Petroleum Ali Pervaiz Malik, said […]
oil
OPEC+ agrees to keep oil output pause for March, sources say
OPEC+ has agreed in principle to keep its planned pause on oil output increases for March when it meets later on Sunday, according to three delegates and a draft statement seen by Reuters, even after crude prices hit six-month highs on concern the U.S. could launch a military strike on OPEC member Iran. The meeting […]
Trump warns Cuba of oil cutoff after Maduro’s capture
WASHINGTON/HAVANA: US President Donald Trump has vowed to cut off all oil and financial support to Cuba following the capture of Venezuelan leader Nicolas Maduro, intensifying pressure on the Caribbean island. Read More: Cuba defiant after Trump says no more Venezuelan oil or money Trump made the announcement on Sunday via his Truth Social account, stating: “There will be […]
Cuba defiant after Trump says no more Venezuelan oil or money
US President Donald Trump on Sunday said no more Venezuelan oil or money will go to Cuba and suggested the Communist-run island should strike a deal with Washington, ramping up pressure on the long-time U.S. nemesis and provoking defiant words from the island’s leadership. Venezuela is Cuba’s biggest oil supplier, but no cargoes have departed […]
Venezuela and US begin talks to restore diplomatic ties
CARACAS/WASHINGTON: Venezuela said on Friday that it had initiated talks with the United States to restore diplomatic relations, days after US forces deposed President Nicolas Maduro. Officials confirmed that US diplomats were in Caracas to discuss reopening the Venezuelan embassy, while in Washington, President Donald Trump met with oil companies to explore investment in the […]
US aims to control Venezuelan oil sales to influence country’s economy
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 […]
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 […]