POL products sales, daily oil and gas production increase by 2%

Petroleum product sales for the period between July and October reached 5.18 million tons.

Pakistan's daily oil and gas production and the sales of POL products increased by 2% respectively during the first four months of the current fiscal year.

According to data from Petroleum Information Services, the average daily crude oil production in the week ending on October 31 was recorded at 65,582 barrels, an increase from the previous week’s daily production of 64,467 barrels.

Meanwhile, the average daily gas production stood at 2,737 MMCFD, showing a 2% increase over the previous week’s production of 2,694 MMCFD, Express News reported.

In addition, statistics from the Oil Companies Advisory Council revealed that from July to October, petroleum product sales amounted to 5.18 million tons, also reflecting a 2% increase compared to the same period last year.

According to data from the State Bank, exports to France, Germany, and other Western European countries in the first quarter of the current fiscal year earned $1.165 billion, which is a 16.23% increase over the same period last year.

However, imports from these countries cost $496.34 million, 40.67% lower than the previous fiscal year’s imports.

Furthermore, the Cotton Ginners Association reported a 37% decrease in cotton arrivals at ginning factories, with 4,291,000 bales arriving by October 31, compared to 6,794,000 bales during the same period last year.