Pakistan News

    Zic Oil Price In Lahore

  • Oil price soars in mixed week for commodities

    LONDON: Star commodity performer oil surged in value this week on hopes that easing US shale output could help curb the stubborn global supply glut, analysts said...

    “Oil prices rose sharply in the past week, supported by further evidence that US production and crude stocks are close to peaking — if they have not done so already,” said Julian Jessop, head of commodities research at consultancy Capital Economics...

  • Oil price rally unsustainable

    RIYADH: Oil markets posted their largest monthly gain in almost six years in April...

    Aided by record or near-record supplies from Iraq and Saudi Arabia, the April Opec oil output jumped to its highest in more than two years...

  • African economy to strengthen in 2015 despite Ebola, oil price drop

    And if the commodity prices remain low, the report warned that the economies of resource-rich countries, such as leading oil exporters Nigeria and Angola, may slow down as their governments will inevitably have to trim spending...

    Oil-rich Nigeria, the continent’s largest economy, which was not at the epicentre of the Ebola crisis, saw 6...

  • Is oil price recovery sustainable? The debate is on

    Geopolitical tension in the Middle East, slowing US production growth, a softer US dollar and strong economic indicators in Europe and Asia have been lending support to oil prices, which have already surged by nearly $10 a barrel this month...

    ”The world’s biggest oil exporters in Opec (Organisation of the Petroleum Exporting Countries) are pumping almost 2 million barrels per day (bpd) more crude than required...

  • Low oil price hits $200bn in mega-projects

    LONDON: Deepwater oil projects and complex gas facilities worth around $200 billion have been cancelled or put on hold worldwide in recent months due to the sharp drop in oil prices over the past year, consultancy Ernst and Young said on Tuesday...

    Further project cuts and delays are likely as the industry braces for an extended period of lower oil prices as a result of a supply glut...

  • Iran deal set to keep lid on oil price gains

    LONDON: Oil prices were steady on Tuesday as markets weighed up the effects of Iran’s deal with world powers on curbing the Islamic republic’s suspected ambitions for a nuclear bomb...

    Analysts said the landmark agreement that will see sanctions eventually lifted on Iran’s oil exports, would help to put a lid on any rise in crude futures this year and in the future...

  • Petrol cut by just Rs2 as global oil price halves

    The government instead of passing on the benefit of record low world oil prices to consumers has raised petroleum development levy (PDL) and general sales tax...

    Saqib Hussain of Sherman Securities said oil prices had been on the decline due to global oversupply and sluggish demand, but domestic oil prices did not show any big drop as the government raised taxes to meet its budgetary targets...

  • UAE says oil price forcing producers to freeze output

    ABU DHABI: The United Arab Emirates’ energy minister said on Monday that current, low oil prices are forcing many producers to freeze output but that a correction in prices would take time...

    Opec leader Saudi Arabia and non-Opec producer Russia, the world’s two largest oil exporters, agreed last month to freeze output at January levels to prop up prices if other nations agreed to join the first global oil pact in 15 years...

  • Oil price war set to open Iranian front

    THE west’s nuclear deal with Iran is set to intensify a battle for customers between the big oil producers, with Saudi Arabia raising output to record levels ahead of the full return to the market of its regional rival...

    Iran was once Opec’s largest oil producer after Saudi Arabia but western sanctions have in four years halved its exports to just over 1mbpd...

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