Russian President Vladimir Putin on Tuesday stated the oil zone changed into the present process a “tectonic alternate”, however, claimed Europe might be committing “monetary suicide” with its sanctions on Moscow over Ukraine. By searching to section out Russian strength resources, Europe will simplest harm itself, Putin stated, urging country officers to apply “ill-thought-out” actions … Read more
In the face of internal shortages, Indonesia’s decision to halt palm oil exports has pushed vegetable oil prices to new highs, further tightening a market already tense owing to the Ukraine conflict and global warming. Following Indonesia’s statement on Wednesday, the prices of palm, soybean, European rapeseed, and even its Canadian GMO cousin, canola oil, … Read more
Oil sank Monday on Chinese demand fears, in the past release of strategic reserves, and dimming hope of a European embargo on Russian supplies in the wake of the Ukraine war. In midday deals, US benchmark oil West Texas Intermediate dived as low as $92.93 per barrel and European Brent hit $97.57. “It is above … Read more
PARIS: The Omicron coronavirus variant will slow the recovery in the global demand for oil but the market will be “more comfortable” in 2022, the International Energy Agency (IEA) said on Tuesday. The oil market “appears to stand on a better footing than it has for some time,” the IEA wrote in its latest monthly … Read more
RIYADH: The Opec+ group is likely to take a cautious stance when deciding next week whether to go ahead with the planned production increases; following the discovery of a new Covid-19 variant, Arab News quoted Geneva-based oil trader Vitol Group, as saying. The new variant, named Omicron, has rattled the oil market globally, pushing prices down to … Read more
KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has urged the government to equally treat all the oil marketing companies (OMCs), a statement said on Wednesday. FPCCI president Mian Nasser Hyatt Maggo expressed concerns over the unfair practices and treatment to smaller oil marketing companies and said that smooth functioning of the … 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
