oil

North Sea Brent crude to average $69.13 per barrel next year

This comes despite US sanctions targeting Iran's crude sales

OPEC and its allies including Russia decided earlier this month to return to policy of cutting production in 2019

Low crude prices provide govt fiscal space, allow it to go easy on monetary tightening

They will produce only 2-3% furnace oil, mainly churn out gasoline and diesel

OPEC and other oil producers have agreed to curb production to drain tanks and boost prices

Company produces only 20,000 bpd out of capacity of 155,000 bpd

It notes growth in global oil demand has accelerated

Proposed US legislation can expose OPEC members to antitrust lawsuits

OPEC and some non-OPEC producers decide to cut output by 1.2m bpd for six months from January

PQA also establishing second ship navigation channel

Resources should be diverted to better opportunities which may have larger impact on economic activity

Producer club will curb output by 0.8m bpd from January

Discovery will enable energy sector to reduce demandsupply gap

Riyadh under pressure from Trump not to reduce output, Moscow resists deep cuts

China, US declare 90-day halt to new tariffs while OPEC looks to cut oversupply

Fund will be used to supply energy to captive power plants at subsidised rates

Doha is locked in a diplomatic dispute with the group’s de facto leader Saudi Arabia

South Korea is Iran’s third largest trade partner after China and the United Arab Emirates

Traders uncertain whether OPEC and non-OPEC nations will curb output in meeting next week

Currently the law states that all land is the property of the state

For the week, Brent fell 11.3% and WTI posted 10.8% decline, largest one-week drop since January 2016

OPEC expected to start trimming output after meeting on Dec 6

CIA believes Khashoggi’s death was ordered directly by the Saudi crown prince Mohammad Bin Salman Al Saud

Iranian President says sanctions are part of a psychological war doomed to failure

Decision comes amid fears of oversupply

Saudi minister acknowledge that so far there is no agreement on reducing production among OPEC and non-OPEC producers

Raising the possibility of bilateral deals to allow some buying to continue

Says PPL acquired property at thrice the market value six years back

EPA restricts access to Churna Island

Report says companies have hardly employed locals

Accuses regional rival Riyadh of bowing to US pressure

Consumer slabs have been increased from three to seven to reduce burden on the poor

Trump blames the OPEC for high crude prices and calls on it to boost output to bring down fuel costs

SHC censures deputy commissioners for failing to ensure uplift of their districts

Washington pushes allies to cut Iranian oil imports to zero

US sanctions on Iran will tighten global oil supply; traders say crude could hit $100 in 2019

Pressure mounts on top producers to prevent spike in oil prices ahead of US sanctions on Iran

Shell is investing more in downstream sector to reap benefits of changing dynamics

Decrease mainly due to less reliance on furnace oil-based power plants

Oil Minister appears before the parliament to underline the dire state of Iran’s oil and gas facilities

Move aimed at ramping up domestic energy supplies to meet demand

The price rise came after a notification issued by OGRA about revised rates of the commodity

Saudis are increasingly taking on 'low status' jobs in a new age of austerity when oil is no longer cheaper than...

Pakistan Oilfields Limited (POL) has discovered hydrocarbon in its development and production lease area in Khaur

City authorities filed the suit against BP, Chevron, ConocoPhillips, ExxonMobil and Royal Dutch Shell

US gasoline inventories dropped by 3.2 million barrels last week

Indian refiners move to replace supplies from Iran and Venezuela in a win for the Trump administration

Libyan oil production fell to 527,000 bpd from a high of 1.28 million bpd in February following the port closures

Berlin gives support to the building of a new, $11-billion pipeline to bring Russian gas across the Baltic Sea