10 Posts

oil

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Oil prices little changed as markets look to OPEC+ meeting

  • 3 min
Oil prices remained stable in early Asian trading as markets anticipated an upcoming OPEC+ meeting where maintaining voluntary output cuts for the rest of the year will be discussed. Brent crude and West Texas Intermediate (WTI) crude prices saw slight increases, while trading was expected to be light due to public holidays. OPEC+ is likely to extend output cuts, affecting global oil demand and inflation.
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Oil climbs after Iran’s president dies, Saudi king’s health issue

  • 3 min
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.
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Saudi Arabia may hike May crude oil prices to Asia

  • 3 min
Saudi Arabia is considering raising the official selling price (OSP) for Arab Light and Arab Extra Light crude in May following the strengthening of Middle East benchmarks. This is driven by a narrowing backwardation structure, rising demand in Asia, and tight supply due to oilfield maintenance and OPEC+ production cuts. The May OSPs are expected to have increases ranging from 20 to 50 cents a barrel.
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Challan of oil cartons robbery by policemen filed in court

  • 2 min
The investigation officer filed an interim challan in a local court, detailing the involvement of six individuals, including three policemen, in the robbery of oil cartons from a vehicle at Baloch bridge. The chargesheet indicates the arrest of four accused, while two others remain at large. An eyewitness has identified the accused policemen, and charges against the accused have been proven in the investigation.
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Prices of ghee, cooking oil at USC reduced

  • 2 min
The Utility Stores Corporation (USC) has reduced the prices of all brands of ghee and cooking oil, making them available at lower prices of Rs486 per kg and Rs519 per kg, respectively. This price reduction is effective immediately, marking the second time within a month that essential cooking ingredients' prices have been reduced.
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Russia and Saudi Arabia urge all OPEC+ powers to join oil cuts

  • 2 min
In Moscow, the world's top two oil-exporting nations, Saudi Arabia and Russia, issued a joint call on Thursday for all OPEC+ members to join an agreement on output cuts in the interest of the global economy. This plea came shortly after a tense meeting of the OPEC+ producers. Following a hastily arranged visit by Russian President Vladimir Putin to Riyadh to meet Saudi Crown Prince Mohammed bin Salman, a joint statement was released by the Kremlin summarizing their discussions.
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The Future of Oil and Gas Investment: A Halving by 2030

  • 2 min
The current $800 billion invested annually in the global oil and gas sector could be halved by 2030 if a goal to limit global warming to 1.5 degrees Celsius is to be reached, the International Energy Agency (IEA) said in a report Thursday.