16 h. ago Oil & gas production soars at OGDCL’s Rajian oilfield in Punjab

In a move towards enhancing oil and gas production, Oil and Gas Development Company Limited (OGDCL), one of Pakistan’s largest E&P, has significantly increased output at its Rajian-05 well in Punjab following the successful installation of an Electrical Submersible Pump (ESP). The listed company disclosed the development in its notice to the Pakistan Stock Exchange […]

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53 h. ago OPEC+ boosts oil output by 548,000 barrels per day for august

OPEC+ has agreed to raise oil production by 548,000 barrels per day (bpd) in August, accelerating its output hike plan as global markets remain tight. The move follows recent geopolitical tensions and reflects efforts to stabilize fuel prices amid increased global demand. This is the largest monthly hike so far this year, up from 411,000 […]

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3 d. ago OPEC+ speeds up oil production: 548,000 barrels per day added for august

OPEC+ has decided to increase oil production by 548,000 barrels per day (bpd) in August. The move comes after recent market disruptions caused by U.S. and Israeli attacks on Iran. This is OPEC+’s first meeting since those events and reflects a major shift in their strategy. The group, which includes Saudi Arabia, Russia, and six […]

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4 d. ago  US sanctions firms in Pakistan, India over Iranian oil trade links

The United States has imposed sanctions on six companies and multiple vessels for helping Iran sell and transport oil and petrochemical products. The blacklisted firms include those based in Pakistan, India, the UAE, and Panama. Washington says this step is part of its broader effort to apply economic pressure on Tehran and block its oil […]

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4 d. ago US targets Iran’s oil trade and Hezbollah in new round of sanctions

The United States has imposed fresh sanctions on a network accused of smuggling Iranian oil disguised as Iraqi oil and targeting a Hezbollah-linked financial institution. The Treasury Department announced these actions on Thursday, aiming to cut off key revenue sources fueling Iran’s regional influence and militant support. According to officials, the sanctioned network is operated […]

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4 d. ago Oil prices hold steady amid strong US jobs data and tariff uncertainty

Oil prices remained largely unchanged on Friday as fresh U.S. employment data supported expectations that the Federal Reserve may hold interest rates steady. Meanwhile, uncertainty over President Donald Trump’s upcoming tariff announcements kept investors cautious. Brent crude futures edged up by just 1 cent, trading at $68.81 per barrel, while U.S. West Texas Intermediate (WTI) […]

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4 d. ago U.S. cracks down on Iran’s oil trade network and Hezbollah’s financiers

The United States has announced new sanctions on a business network involved in Iranian oil trade and a Hezbollah-linked financial group. The U.S. Treasury Department confirmed these actions are part of efforts to increase pressure on Iran’s economy and Hezbollah’s financial system. These sanctions aim to cut off illegal financial sources funding terrorism and instability. […]

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6 d. ago Pakistan joins fossil fuel treaty, faces scrutiny over coal and gas projects

In a bold move, Pakistan has become the first South Asian country to join the Fossil Fuel Non-Proliferation Treaty (FFNPT), aligning itself with climate-vulnerable nations advocating for a global shift away from coal, oil, and gas. The treaty aims to stop the expansion of fossil fuels and help countries transition through financial aid and international […]

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6 d. ago Oil prices remain flat as OPEC+ supply boost, dollar weakness balance outlook

Oil prices remained mostly flat on Wednesday as traders weighed rising supply expectations from OPEC+ against a weakening U.S. dollar and mixed economic indicators. Market sentiment remains cautious amid global demand uncertainty. Brent crude edged up just 2 cents to $67.13 a barrel by 0345 GMT, while U.S. West Texas Intermediate (WTI) slipped 1 cent […]

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7 d. ago Fuel prices hiked in UAE for july, petrol and diesel become costlier

The United Arab Emirates has announced new fuel prices for July, increasing the cost of both petrol and diesel. The Fuel Price Committee confirmed that the new rates have taken effect from July 1, 2025. This monthly revision reflects global oil trends and aims to adjust domestic prices accordingly. According to Geo News, the price […]

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7 d. ago Petrol price increased by Rs8.36 per litre for next fortnight

ISLAMABAD: The federal government on Monday announced an increase in the petrol price by Rs8.36 per litre for the next fortnight starting July 1. Earlier, on June 16, 2025, petrol became Rs4.80 more expensive per litre, while high-speed diesel went up by Rs7.95 per litre. International oil prices edged down on Monday as investors weighed […]

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8 d. ago Big cut in LPG Rates in Pakistan ahead of July Petrol Price Review

ISLAMABAD – Relief for masses as Oil and Gas Regulatory Authority (OGRA) announced drop in price of Liquefied Petroleum Gas

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8 d. ago OGRA hikes gas prices for industries and power sector, no change for domestic users

ISLAMABAD – The Oil and Gas Regulatory Authority (OGRA) has issued a notification announcing an increase in gas prices for several sectors, effective from July 1, 2025. However, domestic consumers have been spared from the price hike, with only a rise in fixed monthly charges. According to OGRA’s spokesperson, the revised gas rates will not […]

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8 d. ago 50pc hike in fixed gas charges notified for domestic consumers

The government on Sunday notified a 50 per cent increase in fixed gas charges for domestic consumers, according to a notification from the Oil and Gas Regulatory Authority (Ogra). On Friday, the federal cabinet’s Economic Coordination Committee (ECC) approved the hike in fixed gas charges for all consumers from July 1. The ECC decided to […]

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1 week ago Fuel prices likely to increase from july 1 in Pakistan amid global oil volatility

KARACHI – Fuel prices in Pakistan are expected to rise from July 1 due to surging global oil rates, although the hike may be softened if the government lowers petroleum levies temporarily. According to Arif Habib Limited (AHL), international diesel prices jumped 10.3% to $87.18 per barrel in the second half of June, while petrol […]

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1 week ago Trump hints at easing Iran oil sanctions to support country’s rebuilding

The Hague — U.S. President Donald Trump suggested that Iran may need financial relief to recover from recent conflict, hinting at a possible softening of oil sanctions while reaffirming his administration’s maximum pressure policy remains intact. Speaking at a NATO Summit press conference, Trump acknowledged that Iran would require significant funds to rebuild its damaged […]

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2 w. ago Refineries warn of shutdowns as new furnace oil levies threaten viability

ISLAMABAD – The Oil Companies Advisory Council (OCAC) has warned that proposed carbon and petroleum levies on furnace oil could force local refineries to shut down due to soaring operational costs. OCAC Chairman Adil Khattak cautioned that these levies might increase furnace oil prices by more than 80%, making operations financially unsustainable for many refineries. […]

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2 w. ago Brent nears $80, WTI crosses $76 as Middle East war sends Oil Prices soaring

ISLAMABAD – Amid growing fear of inflation and deficit, global oil prices continue to cimb higher as the US attacked

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2 w. ago Oil companies restrict fuel supply to petrol pumps amid stockpiling concerns

Oil companies across Pakistan have imposed a new restriction, banning the supply of petrol to fuel stations that exceeds their daily sales averages. The move aims to discourage hoarding amid rising demand. According to Dawn News, this step was taken to curb artificial shortages and panic buying. Companies will now provide petrol based only on […]

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2 w. ago Pakistan’s furnace oil exports jump 63%, lead petroleum export growth in FY25

KARACHI – Pakistan’s furnace oil (FO) exports soared 63% year-on-year, reaching 1.37 million tons during the first 11 months of the current fiscal year (11MFY25), making FO the top contributor to the country’s overall petroleum export growth. According to data from the Oil Companies Advisory Council (OCAC) and Arif Habib Limited (AHL), total petroleum exports—including […]

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