On the fourth day of the business week, Brent crude traded at $45.05 per barrel at decrease. According to the details, American benchmark West Texas Intermediate was at $42.56 per barrel at the same time, down 1.3% after ending the previous session at $43.12 a barrel. US president Donald Trump earlier said he postponed trade … Read more
The Petroleum Division has developed a dashboard for oil and gas exploration in Pakistan. According to the details, the Petroleum Division has taken an important step towards the Prime Minister’s Digital Pakistan Vision and has prepared a dashboard to improve and expedite the export operations in Pakistan. [embedpost id=”50366″ slug=”govt-decides-to-change-prices-of-petroleum-products-every-15-days”] A spokesman for the Ministry … Read more
Despite of weaker dollar, oil prices witnessed gains on the last of the business week, adding 15 cents at $43.46 a barrel. According to the details, Brent crude rose 15 cents, or 0.4%, to $43.46 a barrel while, U.S. West Texas Intermediate (WTI) crude rose by 12 cents, or 0.3%, to $41.19. Market Analysts are of … Read more
The Oil and Gas Regulatory Authority (OGRA) has accepted the Oil Tankers Association’s demand for fare hike. The Oil and Gas Regulatory Authority (OGRA) has increased fares for long routes by 9.6%. [embedpost id=”50366″ slug=”prices-of-oil-fall-32-cents-to-44-a-barrel-wti-dropped-33-cents”] OGRA spokesperson said that the fare of tankers with a capacity of more than 40,000 liters has been increased. The … Read more
OGRA has decided to increase gas prices. According to the details, as per the decision taken by OGRA, a 106.5% reduction in the price of gas as per the demand of Sui Northern has been approved. [embedpost id=”50366″ slug=”lng-prices-increased-by-0-34-per-mmbtu”] It may be recalled that Sui Northern had requested to increase the price of gas from … Read more
An oil tanker explosion in Beijing has killed at least 19 people. According to the details, the second explosion shortly after noon in front of a factory on the highway, damaging nearby buildings. The foreign news agency said, about 170 people were injured in the blast in Xijiang province of China. In this regard, the … Read more
Cabinet of Saudi Arabia has urged oil producing nations not only to cling to agreed cuts to production, but also further reduce output to help restore balance in global oil markets. In a recent statement, Cabinet of Saudi Arabia said the Kingdom is committed to supporting the stability of global oil markets. Minister of Media … Read more
Petrol prices in Pakistan drop by Rs 15 . The Oil and Gas Regulatory Authority (OGRA) has suggested government to decrease the petroleum products price . As per the suggestions government announces to reduce Rs15 in petrol price. According to the details, the authority has recommended the price by Rs 44 from the next month … Read more
The huge downfall in oil markets is observed on today (April 20). According to the details, US oil price rushed 94%, decreasing as low as $1 per barrel. The sources said that this is the lowest since New York Mercantile Exchange (NYMEX) introduced oil futures trading in 1983. The managing director at Fathom Consulting Erik … Read more
Witnessing a 20 years historic crash, United States Oil Prices cut as the global pandemic hits international demand for crude. Media reports said that United States oil prices crashed to a more than two-decade low as the coronavirus pandemic hits global demand for crude West Texas Intermediate (WTI)— the US oil benchmark — plunged in … Read more
The Liquified Petroleum Gas (LPG) Distributors Association has called off a protest call against less profit margin and high transportation cost of the commodity in Azad Jammu Kashmir, Gilgit Batlistan and Northern Areas after successful negotiation with Advisor to the Prime Minister Natural Resources. The negation was held by Chairman All Pakistan LPG Distributors Association … Read more
A final OPEC+ oil supply pact that is to reduce 10 million barrels daily (BPD) awaits Mexico joining said energy minister of Saudia Arabia. The pact was agreed on Thursday. Sources further add on the story that a group called OPEC+ has Russia and other allies devised a plan. The plan includes cutting over the … Read more
Oil prices on Tuesday rose more than 1% as recent sharp falls have encouraged investors holding short positions to book profits. But the market remains nervous over the Wuhan virus, which has now killed more than 1,000 in China. Brent crude LCOc1 rose 79 cents, or nearly 1.5%, to $54.06 a barrel by 0216 GMT, … Read more
JEDDAH: The Organisation of Islamic Cooperation (OIC) on Monday rejected US President Donald Trump’s peace plan for the Middle East, calling on its 57 member states not to help implement it. The 57-member body, which held a summit on Monday to discuss the plan in Saudi Arabia’s Jeddah, said in a statement that it “calls on all … Read more
The international market of oil opened with a high rise as the new year begins, crude oil prices opened with gains in first days of 2020. As per the details, international market of oil awaits additional productivity cuts by members of Organization of the Petroleum Exporting Countries (OPEC) and its allies to trim the glut … Read more
LONDON: Oil was little changed on Monday, holding near a three-month high on optimism over a nearing U.S.-China trade deal even as Russia said an Organization of the Petroleum Exporting Countries, OPEC-led pact may consider easing output cuts next year, BOL News learnt. Brent crude LCOc1 was down 2 cents, or 0.03%, at $66.12 per … Read more
The government on Monday decided to keep prices of petroleum products unchanged for the month of October. According to a press release, the government has decided to maintain the prices of petroleum products at the current level to offset expected increase in the prices for the month of November 2019. It is noteworthy that Oil … Read more
Crude oil prices jumped on global markets after a wave of weekend drone attacks instantly erased half of Saudi Arabia’s oil production from two of the major oil facilities. According to details, Brent crude, the global gauge of oil prices, was 10.4% higher at $65.56 a barrel in early European trading on Monday, after initially … Read more
Massive oil and Gas reserves have been discovered from Kohat, Khyber Pakhtunkhwa. According to details, Pakistan’s largest Oil and Gas Development Company (OGDCL) has discovered new oil and gas reserves in the district of Kohat, Khyber Pakhtunkhwa (KP). Massive oil and gas reserves unearthed in Khyber Pakhtunkhwa will give impetus to Pakistan’s growing needs and … Read more
