Oil prices rose on Tuesday as the US dollar eases against major peers but gains were limited by worries of slowing global fuel demand growth amid bearish economic data from key oil-importing economies such as China. International benchmark Brent crude futures gained 27 cents to $93.53 per barrel by 0415 GMT, after falling 0.3% in […]
oil
Biden to release 15m barrels from US oil reserves: official
WASHINGTON: President Joe Biden will announce Wednesday he’s putting the final 15 million barrels on the market from a record release of US strategic oil reserves, with more releases possible if energy prices spike, a senior US official said. The new tranche of oil from the Strategic Petroleum Reserve will be “completing the 180 million […]
Will purchase Russian oil at same rate India is purchasing: Ishaq Dar
WASHINGTON: Pakistan’s Finance Minister Ishaq Dar has hinted at the probability to buy Russian oil but on the condition that it provides the significant commodity at the same rate that it is giving it to India. While answering a question in Washington, Dar hoped that the West would have no objection to the import of […]
Oil plunges to eight-month low on recession fears
Oil prices plunged about 5% to an eight-month low on Friday as the U.S. dollar hit its strongest level in more than two decades and on fears rising interest rates will tip major economies into recession. Brent futures were down $4.35, or 4.8%, to $86.11 a barrel by 10:09 a.m. EDT (1409 GMT), while U.S. […]
Shell says CEO stepping down at end of 2022
London: British energy giant Shell announced Thursday that chief executive Ben van Beurden will step down at the end of the year to be replaced by renewables director Wael Sawan. Van Beurden, who will have been at the helm for nine years, will be succeeded by the head of integrated gas, renewables and energy solutions, […]
Strike threatens to cut Norway gas exports by nearly 60 percent
OSLO: A Norwegian oil and gas industry group said Tuesday that a strike by oil and gas workers, which has already closed three fields, could cut Norway’s gas exports by more than half by Saturday. “Almost 60 percent of gas exports from the Norwegian continental shelf (NCS) will be affected when the strike action is […]
Sri Lanka parliament shuts early after petrol runs out
COLOMBO: Sri Lanka’s parliament has cancelled its remaining sittings for the week to save fuel, officials said Thursday, with a disastrous economic crisis rapidly depleting the island nation’s already scarce petrol supplies. A foreign currency shortage has prevented the import of food, oil, and medicines, while runaway inflation and regular blackouts have made life miserable […]
Miftah asks to expedite edible oil import process
ISLAMABAD: Federal Minister for Finance and Revenue Miftah Ismail on Saturday directed concerned authorities to expedite the process for edible oil imports from Malaysia and Indonesia to ensure smooth supply of the commodity to the consumers and stabilize its prices. The minister was presiding over a meeting of the Committee on edible oil availability, according […]
EU’s Russian oil ban unlikely to affect OPEC+ decision
London: Saudia Arabia, Russia, and their allies are likely to stick to their policy of modest oil output increases when they meet Thursday after the EU banned most imports from Moscow. European Union leaders agreed on Monday to ban more than two-thirds of Russian oil imports, tightening economic screws on the country over its invasion […]
Global market keep eye on geopolitics
ANKARA: As Russia’s war on Ukraine continues, investors remain cautious and continue to keep an eye on geopolitics. Major central banks accelerated their transition to tighten monetary policies in the face of inflationary pressures mostly driven by the war. Despite the rate of increase, the US Federal Reserve’s (Fed) interest rate was seen […]