climbs

Pakistan’s electricity shortfall ‘climbs’ to 6,623 MW

Electricity shortfall in Pakistan has surged to 6,623 megawatts, with major cities experiencing up to six hours of load shedding and up to eight hours in rural areas. The country’s electricity demand is 25,800 megawatts, compared to a total production of 19,177 megawatts. Pakistan’s power sector circular debt reached Rs 2,635 billion, showing a substantial increase. The IMF has urged a further electricity tariff increase to mitigate the burden on the power sector.

Oil climbs after Iran’s president dies, Saudi king’s health issue

Oil prices rose following political uncertainty in major oil-producing countries. This was caused by the death of Iran's president in a helicopter crash and Saudi Arabia's king's health issues, which led to the cancellation of a diplomatic trip. Brent reached $84.39 a barrel, and WTI stood at $80.29, the highest in weeks. OPEC+ is set to meet on June 1.