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 […]
oil
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 […]
Oil up $1 on Saudi plan
Oil prices were up $1 a barrel on Monday after top global exporter Saudi Arabia pledged to cut production by another 1 million barrels per day from July, counteracting the macroeconomic headwinds that have depressed markets. Brent crude futures were at $77.15 a barrel, up $1.02, or 1.3%, at 0645 GMT after earlier hitting a […]
India’s oil deals with Russia dent decades-old dollar dominance
NEW DELHI: U.S.-led international sanctions on Russia have begun to erode the dollar’s decades-old dominance of international oil trade as most deals with India – Russia’s top outlet for seaborne crude – have been settled in other currencies. The dollar’s pre-eminence has periodically been called into question and yet it has continued because of the […]
Pakistan to get crude oil, petrol, diesel from Russia on discounted price: Musadiq
ISLAMABAD: Minister of State for Petroleum Dr Musadik Malik on Monday termed his recent visit to Russia ‘very successful’ as the host country, in principle, had decided to provide crude oil, refined petrol and diesel to Pakistan at a discounted rate. “In addition, negotiations with private sector companies of Russia have been initiated for procurement […]
Oil falls as China widens COVID curbs
Oil prices fell on Friday after top crude importer China widened its COVID-19 curbs, though benchmarks were poised for a weekly gain on supply concerns and surprisingly positive economic data. Brent crude futures dropped 87 cents, or 0.9%, to $96.09 a barrel by 1309 GMT, having climbed by 1.3% in the previous session. U.S. West […]