Tag: Oil

Iran refuses oil to India without central bank gurantee

NEW DELHI - Iran's national oil company has refused to accept payments for oil sales to India without Reserve Bank of India (RBI) guarantees, sources said, prompting a meeting of their central banks over another obstacle to trade with Iran.
The Islamic Republic is under global pressure over its nuclear programme and although United Nations sanctions do not forbid buying Iranian oil, the United States has pressed hard for governments and companies to restrict dealings with Tehran.

World economy can withstand $100 oil price: Kuwait

CAIRO - The global economy can withstand an oil price of $100 a barrel, Kuwait's oil minister said, as other exporters indicated global production was unlikely to rise in 2011 because the market was well supplied.
Analysts believe that oil producing countries are likely to raise output after crude rallied more than 30 percent from a low in May because they fear prices could once again damage economic growth in fuel importing countries. European benchmark ICE Brent crude for

Oil firms lead the charge on the KSE

KARACHI: The day kicked off with PSO shares rising to Rs 298.34 because of the Rs 35 billion assured yesterday on account of the circular debt issue. The index floated around the 11,800 mark in the first half, with a few second tier scrips performing well along with PSO.
The second half brought news that fertiliser companies raised their urea prices by Rs 190, which made Engro and FFC cause a little bull run. The index closed at 11,858 points with 87 million shares traded,

Indian budget might reduce taxation on oil sector

NEW DELHI: India may cut taxes on crude oil and refined products in next year's budget, the finance secretary said on Wednesday, to cushion the impact of rising global oil prices on inflation and state oil firms' profits.
"All these issues on the duty structure will be considered in the run up to the budget," Finance Secretary Ashok Chawla told reporters, adding if required, duties will be revised in the budget.
The government, already under attack from the opposition over a

Ghana enters new oil era with Jubilee launch

TAKORADI: Ghana joined the ranks of Africa's oil exporters on Wednesday, pledging to work to ensure lucrative new revenues further bolster one of the continent's rising star economies. President John Atta Mills, wearing safety gear and blue overalls, opened the valves in a televised ceremony at the 330-metre-long floating platform some 40 miles off the West African country's Atlantic coast.
Initial production of around 120,000 barrels per day will rank Ghana as sub-Saharan

Dacoits involved in hijacking oil tankers held

FAISALABAD: The Thikriwala police, in a leading case of robbery, arrested the four dacoits who hijacked an oil tanker, carrying furnace oil worth Rs 3 million, four months back.
Thikriwala SHO Haji Shaukat Ali and his team arrested a gang of four dacoits, Riaz and Abdul Majeed from Khanewal and Akhtar Khursheed and Muhammad Munir from Multan. The incident occurred near Sadhar bypass on Jhang Road.
During the investigation, the accused confessed to the robbery. On their

Oil consumption loses momentum in November

KARACHI: Oil consumption in November has dwindled six percent annually and 19 percent monthly; primarily led by an annual eight percent and 33 percent monthly fall in furnace oil (FO) sales. In addition, fewer working days in November and abnormally high sales in the preceding month have caused the sequential decline. PSO and APL sales slumped by a monthly 22 percent and 24 percent respectively, while volume of SHEL was three percent less than last month's figure.

Oil at 2-year high, above $90

LONDON: Oil rose above $90 a barrel for the first time in 26 months on Tuesday as the dollar fell and the freeze in Europe and the United States stoked fuel demand.
Temperatures in Europe's main heating hub of the northwest were expected to stay below seasonal norms over the next 10 days, according to private forecaster DTN Meteorlogix, boosting gas oil demand and prompting utilities to switch on oil-fired power plants.
Heating demand in the United States was expected to

Nigeria militants claim hitting oil pipeline in delta

WARRI: A militant faction in Nigeria's restive Niger Delta said on Monday it had ruptured an oil pipeline in response to what it said was the killing of innocent civilians during a military offensive last week.
The Niger Delta Liberation Force (NDLF) said it had struck what it described as a "major pipeline" belonging to state-run oil firm the Nigerian National Petroleum Corporation (NNPC) close to the Batan flow station late on Sunday night. NNPC declined to comment and there

Oil stocks sustain investors’ interest in KSE

KARACHI: The market dwindled by 35 points today and closed at 11,171 levels. A total of 155 million shares were traded as investors opted to book profits in key oil stocks.
A bull run at the local bourse was cut short by a mild correction of 35 points or 0.31 percent in today's trading session as the index closed at 11,171 levels.
Following a massive gain of 3.05 percent in the last three trading sessions, before and after Eid, profit booking was inevitable in order to

Issuing licences for oil exploration provincial subject, Senate told

ISLAMABAD: Federal Minister for Petroleum and Natural Resources Naveed Qamar told the Upper House on Wednesday that issuing new licences for oil and gas exploration in the country was a provincial subject now and the federal government had stopped giving licences for new blocks since the passage of 18th Amendment.
Replying to a question on the matter, the minister said the government would cancel the licenses of all those companies that did not start work despite obtaining the

Oil tanker blown up

PESHAWAR: A NATO oil supply tanker was completely destroyed in a bomb explosion on the Pak-Afghan Highway near Khyber Agency's Jamrud tehsil, official and local sources said on Saturday.
According to a Khasadar Force official, the tanker carrying fuel for NATO forces in Afghanistan was destroyed when a bomb planted near the tankers went off. However, no casualties were reported.
Local source said the blast also destroyed several electricity transmission lines, suspending

Oil gains fresh fillip from weak dollar

LONDON: Oil rose for a second straight session on Monday, boosted by the dollar's continuing fall against a range of currencies, which outweighed news that China had tightened its monetary policy. Prices touched a five-month intra-day high of $84.43 last week.
Weakness in the greenback boosts the dollar value of oil, which is usually traded in the US currency.
Oil was "in a kind of win-win situation", where weak economic data supported prices by increasing expectations, but