Russia finding new markets to exports oil
Russia has redirected its oil exports from Europe to China and India, Deputy Prime Minister Alexander Novak said almost two years after Moscow was hit by Western sanctions over the Ukraine conflict.
Adil Aziz
Relief for masses on cards as Russian crude oil arrived in Pakistan: Musadik Malik
Minister of State for Petroleum Musadik Malik said the deal struck by Pakistan with Russia for crude oil import would help the government pass on financial relief to the masses who had been bearing brunt of inflation stemmed from the previous government’s flawed economic policies. “This is the history since it is the first time…
Pakistan PM says first discounted Russian crude oil cargo arrives in Karachi
PAKISTAN’S Prime Minister Shehbaz Sharif on Sunday (Jun 11) said the first cargo of discounted Russian crude oil arranged under a new deal struck between Islamabad and Moscow had arrived in Karachi. “Glad to announce that the first Russian discounted crude oil cargo has arrived in Karachi and will begin oil discharge tomorrow,” Sharif tweeted….
Oil rises in thin trade on concerns over US storm impact
OIL prices rose in light trade on Tuesday on concerns that winter storms across the United States are affecting logistics and production of petroleum products and shale oil. Brent crude was up 73 cents, or 0.9 per cent, at US$84.65 a barrel by 0122 GMT, while US West Texas Intermediate crude was at US$80.41 a…
Oil falls by US$1 a barrel as rate hike fears outweigh tighter US stockpiles
OIL fell by around US$1 a barrel on Thursday (Dec 22) in volatile trade as the impact of tighter US crude stocks due to a winter storm in the United States was outweighed by fears that Federal Reserve interest rate hikes and China’s rising Covid-19 cases would dent demand. Brent crude futures settled at US$80.98…
Oil prices steady as drawdown in U.S. crude stocks counters China COVID concerns
Oil prices were little changed as a larger-than-expected draw in U.S. crude stocks offset worries about rising COVID-19 cases in top oil importer China. Brent crude futures rose 7 cents, or 0.1%, to $80.06 per barrel by 0404 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 4 cents, or 0.1%, to $76.27. U.S. crude…
Oil Drops as EU Weighs Higher Russian Fuel Price Cap
Oil tumbled to near a two-month low as traders assessed a higher-than-expected price cap on Russian crude between $65 and $70 a barrel and a surprise build in US products. The European Union’s proposed range would be well above Russia’s cost of production and higher than some countries have been paying for its oil. As…