Front-month gas futures for July delivery on the New York Mercantile Exchange fell 0.1 cent to USD3.166 per million British thermal units, putting the contract on track for its lowest close since May 27 for the third consecutive day.

Financial group LSEG said average gas output in the US Lower 48 states has dropped to 109.0 billion cubic feet per day (bcfd) so far in June, down from 109.7 bcfd in May and a monthly record high of 110.6 bcfd in December 2025.

Analysts said mild weather allowed energy firms to stockpile more gas than usual during the spring.

But they noted recent output declines likely reduced the surplus of gas in inventories to around 5.9percent above normal during the week ended May 29, down from 6.2percent above normal in the previous week.

Meteorologists forecast the weather will remain mostly warmer than normal through June 18, which should boost demand for gas from power generators to keep air conditioners humming.

About 40percent of US electricity generation comes from gas-fired power plants.

LSEG projected average gas demand in the Lower 48 states, including exports, would rise from 98.3 bcfd this week to 99.9 bcfd next week. The forecast for next week was lower than LSEG’s outlook on Tuesday. Average gas flows to the nine big US LNG export plants fell from 17.1 bcfd in May to 16.3 bcfd so far in June due to ongoing spring maintenance at several plants, including ExxonMobil/QatarEnergy’s Golden Pass facility and Freeport LNG’s plant in Texas. That reading compares with a monthly record high of 18.8 bcfd in April.

As per a press statement, Peshawar Electric Supply Company (PESCO) and Sukkur Electric Power Company (SEPCO) have become the first DISCOs to initiate immediate disciplinary action — including suspension — against their worst-performing officers on account of failure in the resolution of consumer complaints registered through the national 118 Call Centre system (CCMS PLUS).

“All remaining DISCOs across Pakistan are in the process of initiating similar action against their respective worst-performing officers,” the statement added.

Leghari expressed grave disappointment over the failure of the identified officers to fulfil their primary duty of ensuring the timely redressal of consumer complaints.

“The 118 call centre platform was established specifically to bridge the gap between citizens and electricity service providers, and that any officer treating this system with indifference is directly undermining the government’s commitment to consumer welfare,” he said.

The minister was referring to Customer Complaint Management System (CCMS PLUS) — Pakistan’s national 118 call centre — covering the period from October 1, 2025, to March 31, 2026.

Moreover, the minister directed that disciplinary proceedings — including suspension where warranted — be initiated against all identified officers without delay and concluded in a time-bound manner in accordance with the applicable service rules.

PESCO suspended 3 SDOs and 1 XEN with immediate effect on account of misconduct, citing failure to meet prescribed performance targets as reflected in CCMS data.

The suspended SDOs — presently working in Gulberg, Shahi Bagh, and Sethi Town/Dalazak Sub-Divisions under Peshawar Circle — were attached with the General Manager (Operation) PESCO HQ for regular attendance.

“The suspended XEN, posted at Mardan-I Division, was attached to the Superintending Engineer (Operation) Mardan Circle. Additionally, the XEN (Operation) Swabi-I Division has been placed under suspension on account of misconduct and attached with the Superintending Engineer (Operation) Peshawar Circle,” the press release said.

Whereas, SEPCO suspended 1 SDO and 1 XEN (former) with immediate effect on account of misconduct as the worst performers in the resolution of complaints at 118. Sajjad Ali Memon, SDO Operation Sub-Division Rohri, and Mairajuddin Shaikh, the then Executive Engineer (Ops) Division Sukkur — currently serving as Executive Engineer Construction Division Sukkur — were attached with SEPCO Headquarters for marking attendance.

The accountability drive is not limited to PESCO and SEPCO. All other DISCOs — including LESCO, GEPCO, FESCO, IESCO, MEPCO, HAZECO, HESCO, QESCO, and TESCO — are in the process of initiating disciplinary proceedings against their respective worst-performing officers identified through CCMS PLUS data, the press release said.

READ MORE: Discos from SPPs and CPPs: Leghari takes notice of electricity procurement

“Across these DISCOs, a combined over 100 SDOs and XENs have been identified as worst performers and are facing imminent departmental action, including show-cause notices, suspension, and transfer to non-operational postings.”

Moreover, Leghari directed all DISCOs to implement an enhanced weekly monitoring mechanism to track complaint resolution rates at both the sub-divisional and divisional levels. Officers who continue to demonstrate consistent failure in complaint management will face escalated actions, including suspension, transfer to non-operational postings, and compulsory retirement.

Leghari reiterated that the present government was fully and unequivocally committed to ensuring that every electricity consumer in Pakistan receives the timely, reliable, and respectful service they are entitled to.

“He emphasised that poor performance by field officers is not merely an administrative failure — it is a failure toward the citizens of Pakistan, and the government will not allow it to continue.

He made clear that officers found guilty of continued negligence will face escalated disciplinary actions, including suspension, transfer to non-sensitive postings, and compulsory retirement where warranted.”

Indonesia’s natural gas production stood at 6,550 million standard cubic feet per day over the same period, the regulator said.

OGDCL discovered oil reserves in the Bobi and Dhamraki Mining Lease, the company informed the Pakistan Stock Exchange (PSX) on Wednesday.

The E&P is the well operator with 100% working interest.

“Based on the interpretation of wireline logs, the massive sand of the lower goru formation was tested through a cased-hole Drill Stem Test (DST) and produced 2,000 barrels of oil per day (BOPD) and 1.1 million standard cubic feet of gas per day (MMSCFD) at a choke size of 32/64 inch, with a wellhead flowing pressure (WHFP) of 1,050 pounds per square inch (psi),” the company informed the bourse.

READ MORE: OGDCL announces major hydrocarbon discovery in Sindh

It said that the Bobi Deep-1 exploratory well was re-entered on May 03, 2026, to test the hydrocarbon potential of massive sands of the Lower Goru Formation.

“The well was drilled to a total depth of 3,305 meters in Sembar Formation through OGDCL’s in-house technical and operational capabilities.

The discovery represents a major milestone in the Bobi and Dhamraki Mining Lease, constituting the first hydrocarbon discovery from the Massive Sand play in the area,” the listed company shared.

Besides establishing a new exploration play, the discovery has de-risked analogous prospects in the surrounding region, opening new avenues for future exploration and resource growth, it added.

The OGDCL said that the discovery was expected to contribute towards bridging the country’s energy demand-supply gap through indigenous resources, while augmenting the hydrocarbon reserves base of the company and the country.

Brent futures were up $1.41, or 1.5%, at $97.41 a barrel at 1315 GMT, while U.S. West Texas Intermediate (WTI) crude climbed $1.39, or 1.5%, to $95.15. ​Brent and WTI hit their highest since May 27 and May 22, respectively, earlier ​in the day.

Iran launched ballistic missiles towards regional neighbours Kuwait and Bahrain, injuring ⁠dozens according to Kuwaiti authorities, and U.S. forces conducted strikes on Iran’s Qeshm Island.

U.S. President ​Donald Trump has said negotiations are continuing, though Iran’s semi-official Tasnim news agency said on ​Wednesday that Iran had not responded to the U.S. in recent days and that exchanges of texts through intermediaries were suspended until Iran’s conditions on Lebanon are met.

In a podcast interview released on Wednesday, Trump ​said Iran had agreed to not have a nuclear weapon and that Supreme Leader Ayatollah Mojtaba ​Khamenei was involved in negotiations.

Iran drone and missile attack hits Kuwait airport, state news agency says

Tom Baker, a managing director for Bahrain at global commodities trader Vitol, told an ‌energy ⁠conference on Tuesday that the global oil market was under pricing some risks from the Iran war, even as the conflict entered its fourth month.

The International Energy Agency’s warning that global oil inventories could hit critical levels ahead of the peak summer demand period if stock draws continue at ​their current pace was ​adding to the bullish ⁠sentiment.

“The stalling in the U.S.-Iran negotiations and IEA warnings of critical global low stock levels are adding upward layers in risk premium in ​benchmark prices,” said Emril Jamil, a senior analyst for oil at ​LSEG.

U.S. crude ⁠oil inventories fell for a seventh straight week last week, according to market sources citing American Petroleum Institute data released on Tuesday. Crude stocks declined by 6.8 million barrels in the week ⁠ended May ​29, the sources said.

Front-month gas futures for July delivery on the New York Mercantile Exchange (NYMEX) fell 6.2 cents, or 2.0percent, to USD3.117 per million British thermal units (mmBtu).

Financial group LSEG said average gas output in the US Lower 48 states fell to 108.8 billion cubic feet per day (bcfd) so far in June, down from 109.7 bcfd in May and a monthly record high of 110.6 bcfd in December 2025.

Analysts said mild spring weather allowed energy firms to stockpile more gas than usual. But they noted recent output declines likely reduced the surplus of gas in inventories to around 5.9percent above normal during the week ended May 29, down from 6.2percent above normal the previous week.

Looking forward, meteorologists forecast the weather would remain mostly warmer than normal through June 17, which should boost demand for gas from power generators to keep air conditioners humming. About 40percent of US electricity generation comes from gas-fired power plants.

LSEG projected average gas demand in the Lower 48 states, including exports, would rise from 98.2 bcfd this week to 101.0 bcfd next week. Those forecasts were similar to LSEG’s outlook on Monday.

Average gas flows to the nine big US LNG export plants fell from 17.1 bcfd in May to 16.0 bcfd so far in June due to spring maintenance at several plants, including E xxonMobil/QatarEnergy’s Golden Pass facility and Freeport LNG’s plant in Texas. That compares with a monthly record high of 18.8 bcfd in April.

Ukraine has stepped up its drone attacks on both refinery and oil export facilities this spring, causing fuel shortages in Russia while also weighing on its oil production. Russia’s oil output declined in April, the International Energy Agency said and Reuters reported.

May exports via the western ports of Primorsk, Ust-Luga and Novorossiysk rose to 2.5 million barrels per day from 2.2 million bpd in April, the sources said.

That is the largest amount exported from the western ports since September 2025, when Ukrainian drone attacks also suspended processing at Russian refineries.

Authorities have so far responded with an export ban on jet fuel and plans to curb exports of gasoline and diesel.

Higher crude oil exports are allowing Russia to avoid massive output cuts, sources said. However Russia’s western export capacity is limited, making it difficult to accommodate all oil volume that hasn’t been processed, they added.

Virtually all major oil refineries in central Russia have been forced to halt or scale back fuel output following Ukrainian drone attacks in recent days, according to official data and sources.

Exports rose in May despite ongoing drone attacks on Novorossiysk, which briefly suspended loadings. Ukraine also continued attacks on Transneft pipelines and pumping stations last month.

“The MoU establishes a framework for strategic cooperation between the two companies to explore long-term opportunities in the energy storage sector, with a focus on the Pakistan market,” read a statement.

Treet was of the view that this collaboration is expected to bring CNTE’s high-quality CATL-cell-based energy storage technology, product portfolio, technical expertise, and experience in advanced battery energy storage systems to Pakistan, leveraging CNTE’s offering alongside the company’s established local market presence, distribution network, and after-sales infrastructure.

“The MoU envisages cooperation across residential, commercial, and industrial energy storage solutions, with potential for further value addition and local assembly in the future,” it added.

Treet launches lithium-ion battery products amid solar rush in Pakistan

CNTE is a high-technology enterprise founded in 2019 and strategically invested in by CATL, which is listed on the Shenzhen Stock Exchange (300750) and the Hong Kong Stock Exchange (3750) and holds a global leading position in both the power battery and energy storage battery sectors.

In the power battery sector, CATL’s global market share in terms of power battery usage volume was 39.2%, and CATL has ranked first globally in power battery usage volume for nine consecutive years (2017- 2025), as per the Annual Report of CATL for the financial year ended on December 31, 2025.

In the energy storage sector, CATL has ranked first globally in energy storage battery shipments for five consecutive years (2021-2025).

CNTE, an associated company of CATL, is led by Huang Shilin, a co-founder and Chairman of CNTE and former Vice Chairman of CATL.

CNTE specialises in the manufacture of original CATL cell-based energy storage systems across commercial, industrial, and utility-scale applications, integrating CATL’s world-leading lithium iron phosphate (LFP) cell technology, safety standards, and manufacturing pedigree into its product portfolio,” it added.

There has been a growing shift towards alternative energy sources in Pakistan, especially solar, which has become increasingly popular among residential and commercial sectors.

According to Policy Research Institute for Equitable Development (PRIED), an independent think tank, Pakistan is experiencing unprecedented solarisation of its energy sector, with solar photovoltaic (PV) panels with a capacity of 33 gigawatts already installed across the country.

Brent futures rose 47 cents, or 0.5%, to $95.45 a barrel at 12:05 p.m. EDT (1605 GMT), while U.S. West Texas Intermediate (WTI) crude rose 70 cents, or 0.8%, to $92.86. Earlier in the session, both contracts were down over $2.

That puts both crude benchmarks on track for their highest closes since May 26.

Iran is reviewing a proposed agreement with the United States to halt the war but has not communicated with Washington for a few days, Iranian media reported on Tuesday, after U.S. President Donald Trump said negotiations were ongoing.

More than three months after the United States and Israel launched strikes against Iran, the conflict has morphed into a stalemate with the pivotal Strait of Hormuz largely shut.

Iran has effectively halted most non-Iranian shipping in and out of the Gulf since the war began, choking off about a fifth of global oil and liquefied natural gas flows and driving prices up by 50% or more. The United States has also maintained a blockade on Iranian ports.

“The (oil) complex continues to gyrate wildly amid conflicting comments out of the White House and Iran as well as between Trump and (Israeli leader Benjamin) Netanyahu,” analysts at energy advisory firm Ritterbusch and Associates said in a note.

“There are still various moving parts to this drama, but at the end of the day a significant reopening of the Strait of Hormuz doesn’t appear much closer than was the case a couple of months ago,” Ritterbusch said.

Trump said on Monday that negotiations were continuing and there would be a deal over the next week to extend a ceasefire agreed to in April and reopen the strait.

U.S. Secretary of State Marco Rubio told lawmakers on Tuesday that Iran has agreed to negotiate aspects of its nuclear program that it previously refused to discuss, but said that was not a guarantee that negotiations would lead to a deal.

The semi-official Fars agency, citing a source, said that messages on the possible deal, or memorandum of understanding, had stopped a few days ago, with the last one being Iran’s “clear message” over Lebanon. Iran is seeking a stop to Israel’s incursion against its ally Hezbollah.

Israel kept up strikes on southern Lebanon on Tuesday, pressing its campaign against Hezbollah a day after Trump asked Netanyahu not to attack Beirut to avert further escalation in the war.

Global stockpiles falling

Global oil inventories could hit critical or historically low levels just ahead of the peak summer demand period if stock draws continue at their current pace, the head of the International Energy Agency’s oil industry and markets division said on Tuesday.

In the United States, oil traders waited for weekly storage reports from the American Petroleum Institute (API) trade group later on Tuesday and the U.S. Energy Information Administration (EIA) on Wednesday.

Analysts estimated that energy firms pulled 3.6 million barrels of crude from storage during the week ended May 29.

If correct, that would be the first time energy firms pulled crude out of storage for six weeks in a row since January 2025. It compares with a decrease of 4.3 million barrels in the same week last year and an average decline of 2.7 million barrels over the past five years (2021 to 2025).

Iran and the US traded strikes in recent days and Israel ordered troops to move further into Lebanon in its battle with the Tehran-backed Hezbollah militant group.

Brent crude futures were up USD4.80, or 5.2 percent to USD95.92 a barrel at 1:17 p.m. EDT (1717 GMT) while US crude futures rose USD5.46, or 6.2 percent, to USD92.82 a barrel.

READ MORE: Oil jumps over $6 on Iran report of halted U.S.-Tehran exchanges, Hormuz blockade risk

Both benchmarks pared gains after US President Donald Trump shrugged off the suspension of indirect talks with Iran in an interview with CNBC on Monday, saying he did not care if they were over.

Brent and WTI fell around 19 percent and 17 percent, respectively, last month, marking both contracts’ biggest monthly drops in absolute terms since March 2020, when the COVID-19 pandemic slashed energy demand.

Iranian state TV said separately on Monday that a ceasefire agreed between Iran and the US in early April is very likely to end if Israel continues to attack Hezbollah. Esmaeil Baghaei, spokesperson for Iran’s foreign ministry, said the delay in the diplomatic process to end the war can be explained by a lack of trust, Washington’s contradictory positions and Israel’s attacks on Lebanon.

“It just seems that both sides are in different worlds,” said Andrew Lipow, president of Lipow Oil Associates.

Another quota increase would show the group is approaching business as usual despite the disruption caused by the Strait of Hormuz closure and the unexpected exit in May of the United Arab Emirates, a member of the Organization of the Petroleum Exporting Countries for almost 60 years.

Seven core members of OPEC+, which groups OPEC and allied producers including Russia, have increased their output quotas from April to June by almost 600,000 barrels per day.

In reality, the group’s production has collapsed due to export cuts by Gulf members, averaging 33.19 million bpd in April versus 42.77 million in February, according to OPEC figures.

The monthly target set by the seven is expected to increase by about 188,000 bpd for July, the sources said. This is the same as the hike agreed for June, which was adjusted down from 206,000 bpd to take into account the UAE exit.

All sources spoke on condition of anonymity and said a final decision had not been made.

OPEC, Saudi and Russian officials did not immediately reply to Reuters requests for comment.

The seven OPEC+ countries are increasing production as part of the gradual unwinding of a 1.65 million bpd production cut that the then eight members agreed in 2023.

Front-month gas futures for July delivery on the New York Mercantile Exchange (NYMEX) fell 11.3 cents, or 3.4percent, to USD3.177 per million British thermal units (mmBtu). On Friday, the contract closed at its highest price since February 6. Even though futures gained 19percent in May, speculators last week boosted their net short futures and options positions on the NYMEX and Intercontinental Exchange to their highest levels since April 2024, according to the US Commodity Futures Trading Commission’s Commitments of Traders report.

Financial group LSEG said average gas output in the US Lower 48 states fell to 109.6 billion cubic feet per day (bcfd) in May, down from 109.8 bcfd in April and a monthly record high of 110.6 bcfd in December 2025.

Meteorologists forecast the weather will remain mostly warmer than normal through June 16, which should boost the amount of gas that power generators burn to keep air conditioners humming. About 40percent of US electricity generation comes from gas-fired power plants.

LSEG projected average gas demand in the Lower 48 states, including exports, would rise from 98.4 bcfd this week to 101.4 bcfd next week. The forecast for this week was lower than LSEG’s outlook on Friday.

Average gas flows to the nine big US LNG export plants fell from a monthly record high of 18.8 bcfd in April to 17.1 bcfd in May due to spring maintenance at several plants, including ExxonMobil/QatarEnergy’s Golden Pass facility and Freeport LNG’s plant in Texas. There is still only one vessel going directly from the US to China. That ship, the Al Sene, left Venture Global’s Plaquemines plant in Louisiana in mid-May and is expected to reach its destination in late June. That count is down from as many as five vessels over the prior week or so.

No LNG tanker has left a US export plant and gone directly to China during US President Donald Trump’s second term, which started in January 2025, due primarily to trade disputes between the world’s two biggest economies.

China, which imported a large amount of US gas in the past and has many contracts to buy US LNG, is the world’s biggest gas importer, while the US is the world’s biggest gas producer, consumer and exporter. Chinese companies have bought US LNG and then sold it to buyers in other countries.

Saudi Aramco’s June OSPs increased by $10 per metric ton to $760 a ton for propane and by $20 a ton to $820 per ton for butane.

Propane and butane are types of LPG with different boiling points. LPG is mainly used as fuel for cars, heating and as a feedstock for other petrochemicals.

Sonatrach decreased its June propane OSP by $125 a ton to $575 and for butane by $270 a ton to $610.

Saudi Aramco offers oil in rare tenders as Iran war disrupts exports, traders say

Saudi Aramco’s OSPs are used as a reference for contracts to supply LPG rom the Middle East to the Asia-Pacific region.

Sonatrach’s OSPs are used as benchmarks for the Mediterranean and Black Sea region, including Turkey.

The new rates, effective from Monday, set petrol at 140 taka ($1.15) per litre and kerosene at 135 taka per litre. Prices of diesel, the country’s most widely used fuel, remain unchanged at 115 taka per litre.

The Energy Ministry said in a notification that the revised rates were determined in line with changes in international petroleum product prices.

Bangladesh introduced an automatic fuel pricing mechanism in 2024, under which domestic fuel prices are periodically adjusted based on international fuel prices, exchange rate movements, and import costs.

Govt reduces petrol, diesel prices by Rs22 per litre each

The latest increase follows a fuel price hike in April after the war in Iran drove up global oil prices, raising the South Asian nation’s import costs.

Higher fuel prices are expected to feed into transport and food costs, adding to inflationary pressures already facing consumers.

The report comes after Iran and the U.S. traded strikes and Israel ordered troops to move further into Lebanon in its battle with the Tehran-backed Hezbollah militant group.

Brent futures rose $6.02 or 6.6% at $97.14 a barrel at 1002 a.m. ET (1402 GMT) while U.S. crude futures rose $6.68 or 7.7% to $94.04 a barrel.

Over May, Brent and WTI lost around 19% and 17%, respectively. It was both contracts’ biggest monthly fall in absolute terms since March 2020 when the COVID-19 pandemic slashed energy demand.

Global equities held steady near record highs on Monday as the AI boom continued to drive demand. MKTS/GLOB Oil often trades in tandem with other risk assets such as equities.

The fighting in the Middle East, after Washington hosted Israel-Lebanon peace talks on Friday, dimmed hopes that the U.S. and Iran could soon announce an extension to their ceasefire.

U.S. President Donald Trump said on Friday he would soon decide on a proposed deal to extend a ceasefire announced in early April.

Israel would be key to any such deal, and Iran has said repeatedly that Hezbollah and Lebanon must be included. The U.S. has proposed a “gradual de-escalation” plan, a U.S. official said on Sunday.

Concerns are rising about mines in the Strait of Hormuz, a key oil and gas shipping lane, IG analyst Tony Sycamore said in a note. “Even if an agreement is reached, it won’t deliver a flood of supply,” Sycamore said.

An Axios report said on X on Friday that Iran had dropped more mines in the strait last week.

Iran’s Foreign Ministry spokesperson Esmaeil Baghaei said on Monday the delay in the diplomatic process to end the war can be explained by a lack of trust, Washington’s contradictory positions and Israel’s attacks on Lebanon.

Concerns over supply outweighed weekend economic data from China which showed stalling factory activity. This added to concerns the world’s second-largest economy is losing momentum.

Saudi Arabia is likely to cut its official selling prices (OSPs) for crude oil to Asia in July for a second month, a Reuters survey showed.

The Russian government intends to increase fuel supplies from Belarus and tighten oversight over exports of gasoline and diesel to meet domestic fuel demand, the RBC news outlet reported on Monday, citing two sources familiar with the matter. A complete ban on gasoline exports for two months, including under some inter-governmental agreements, is under discussion, the report said.

Kazakhstan has restored its oil production to 290,000 metric tons per day following earlier production losses at the country’s largest oilfield, Tengiz, Energy Minister Erlan Akkenzhenov said on Monday.

Goldman Sachs said on Sunday that weak oil demand in China and Europe poses a major downside risk to its fourth-quarter Brent crude forecast of $90 a barrel and WTI forecast of $83, although Middle East supply disruptions could still push prices higher.

Speaking on the government’s power sector reforms, Leghari said the number of protected consumers has increased from 9.5 million to 21.5 million over the past four years. He added that around 29.57 million domestic consumers, representing 86% of the total, are currently receiving subsidised electricity.

The minister noted that the volume of electricity subsidies has risen from Rs199 billion to Rs423 billion, while a total subsidy of Rs527 billion is being provided to the agricultural and domestic sectors.

He emphasised that eligible consumers will continue to receive uninterrupted subsidies through the QR code-based system.

Leghari said the government has introduced a registration mechanism to ensure that subsidies are directed only to deserving consumers.

“More than two million single-phase consumers have already completed the registration process,” he said reiterating that reports about the discontinuation of subsidies are contrary to facts, while government claims regarding reductions in electricity prices are accurate.

Highlighting progress in the power sector, the minister said that the review of agreements with Independent Power Producers (IPPs) has generated savings of Rs3.5 trillion.

Additionally, reductions in losses incurred by power distribution companies (DISCOs) have saved Rs193 billion, while circular debt declined by Rs780 billion during fiscal year 2024-25.

He further said that the sale of surplus machinery of JNCs has saved Rs47 billion. According to Leghari, ongoing reforms have significantly lowered electricity generation and distribution costs, with positive outcomes increasingly evident across the energy sector.

The minister maintained that power sector reforms have provided direct relief to consumers. He said that reducing subsidy allocations in the budget has eased pressure on the national exchequer, while the burden of cross-subsidies on industrial consumers has also been reduced.

Providing details on tariff reductions, Leghari said electricity prices have declined across all consumer categories between March 2024 and May 2026.

“Tariffs for protected consumers have fallen by 31%, while domestic consumers have benefited from a 16% reduction.

“Industrial electricity rates have decreased by 33%, commercial tariffs by 8%, and agricultural consumers have received 14% relief. Consumers in Azad Jammu and Kashmir have seen electricity rates decline by 45%,” he said.

He added that tariffs for bulk consumers have been reduced by 13%, while the average electricity tariff nationwide has fallen by 20%. The minister attributed these reductions to reforms and an increasing reliance on domestic energy resources.

Discussing the country’s energy transition, Leghari said the share of clean energy in Pakistan’s power mix is expected to reach 90% by 2035, compared to the current 55%. During the same period, electricity generation from local resources is projected to increase from 74% to 96%. He noted that renewable energy currently accounts for 57% of Pakistan’s energy mix.

Comparing regional trends, the minister said India’s renewable energy share stands at around 48%. He stressed that the government is not discouraging solar energy adoption but is instead introducing measures to improve transparency and efficiency within the system.

Leghari said the National Energy Plan includes 8 gigawatts (GW) of distributed solar energy. He added that the recently introduced net billing policy will not affect 90% of domestic consumers and that no major changes have been made for single-phase residential solar users.

The minister also highlighted ongoing solarization projects in Gilgit-Baltistan and Gwadar. He announced that licensing requirements for solar projects of 25 kilowatts (kW) or below have been abolished to facilitate greater adoption of renewable energy.

According to Leghari, the National Electric Power Regulatory Authority (NEPRA) has approved additional facilities for small-scale solar projects at the request of the Power Division. He said transparency has been enhanced through the digitization of the net billing system.

The minister clarified that net metering has not been abolished. Rather, reforms have been introduced to improve billing procedures and create a balanced framework that protects the interests of both solar consumers and other electricity users. Reaffirming the government’s commitment, Leghari said subsidies for protected consumers will continue and are not being eliminated.

IOC purchased Angola’s Kissanje and Nemba crude for delivery to its Paradip refinery, the sources said.

The company also bought Nigeria’s Usan crude from ExxonMobil and Abu Dhabi’s Murban crude from Mercuria for delivery to Vadinar.

IOC also purchased Murban crude from Totsa, the trading arm of TotalEnergies, for delivery to Chennai, the people said.

India hikes fuel prices for second time in a week

The West African cargoes traded at premiums of around $4 a barrel to dated Brent, while Murban cargoes were sold at flat to a slight premium to dated Brent, they added.

The companies typically do not comment on their commercial sales.

The July OSP for flagship Arab Light crude may slide to a premium of $7.50 to $12.50 a barrel above the average Dubai and Oman quotes, five industry sources said in the survey, $3 to $8 a barrel lower than the OSP for June.

The expected cut follows a price decline and tepid trading in the spot market in May. The cash Dubai price’s premium to swaps has averaged $8.90 a barrel so far this month, down from April’s average of $13.92, Reuters data showed, with spot Oman premiums showing a similar trend.

Dubai’s premium rallied to a record high of over $60 per barrel in March after the US-Israeli war involving Iran disrupted supplies via the Strait of Hormuz.

It then collapsed, together with global crude premiums, mainly because Chinese refiners slashed refining runs and also reduced imports, while the US exported more oil and fuel to global markets to help plug the gap in supply from the Middle East.

Saudi Arabia may cut July oil prices to Asia for first time in 5 months

 Meanwhile, the possibility of a US-Iran deal to end their war and reopen the vital Strait of Hormuz has pushed Brent crude futures below $100 per barrel this week.

A number of crude oil tankers have left the Gulf this month although energy flows via the key waterway still remained far lower than pre-war levels.

Hence, a deep price cut for Saudi oil is needed to attract demand, said one of the survey respondents.

Buyers in China have been lifting less Saudi crude in May and June given their refining losses under current high prices.

Saudi Aramco has been using the Red Sea port of Yanbu to export Arab Light crude after the war restricted shipping through the Strait of Hormuz.

The survey respondents project July OSPs for other Saudi grades to fall by the same extent.

Saudi crude OSPs are usually released around the fifth day of each month. Saudi Aramco, which sets the prices, as a matter of policy does not comment on them.

Brent crude futures for ‌July , which expire later on Friday, were down $1.74, or 1.86%, at $91.97 a barrel by 10:58 a.m. CDT (1558 GMT). The more active August contract was down $1.64, or 1.77%, at $91.06. WTI U.S. oil futures were down $1.35, or 1.52%, at $87.55.

It was not a smooth downward slope for futures throughout Friday, however, with comments from U.S. President Donald Trump ​about an agreement and possible military action against Iran.

“It’s Trump talking out of both sides of his mouth,” said Phil Flynn, ​senior analyst with the Price Futures Group. “He’s favoring a deal then talking about military action.”

Iran’s Fars news agency ⁠reported that the Iranian government was in the final stages of ratifying an agreement with the United States, but had not made the final ​decision to approve the deal.

Fars also said the agreement would not require Iran to open the Strait of Hormuz without restrictions but the Islamic ​Republic would reopen the waterway “according to its own pre-determined arrangements.”

Iran has said after the end of the conflict with the U.S. and Israel it would regulate traffic through the strait, charging fees to transit.

Trump has said the proposed agreement would require Iran to open the waterway without restriction.

The Brent benchmark has plunged by about 11% ​this week for its steepest weekly decline in seven. WTI, meanwhile, has dropped by more than 9% for its biggest weekly loss in six. ​Both benchmarks hit their lowest price since mid-April.

“While oil flows through the Strait of Hormuz remain restricted and oil inventories keep falling, the market focus remains ‌on the ⁠possibility of a deal between the U.S. and Iran,” said UBS analyst Giovanni Staunovo.

“The price drop could be forcing some market players to close their long positions.”

The U.S. and Iran reached a tentative agreement on Thursday to extend a ceasefire and lift restrictions on shipping through the Strait of Hormuz, sources told Reuters.

Oil prices have been volatile in recent sessions, swinging by as much as $6 for both benchmarks on conflicting signals over a possible ​end to the Iran war and potential ​reopening of the Strait of ⁠Hormuz, which was previously a conduit for a fifth of the world’s oil and liquefied natural gas supplies.

Traffic through the maritime chokepoint remains a small fraction of levels before the conflict. Analysts at ING said a reopening ​of the waterway would offer some immediate relief to the oil market, but a recovery is still ​uncertain.

Japan, which relies heavily ⁠on oil from the Middle East, last month registered a 66% drop in crude oil imports compared with April last year.

Commerzbank raised its Brent forecasts to $90 a barrel by the end of September and $85 by the end of the year, based on a scenario in which the Strait of Hormuz ⁠is expected to ​remain closed to normal shipping for another two months.

Meanwhile U.S. crude, gasoline and distillate ​stockpiles fell last week, the Energy Information Administration said on Thursday, as demand from refiners and consumers rose and exports fell by 1.16 million barrels per day to 4.4 million ​bpd.

Brent crude futures for July , which expire on Friday’s settlement, closed down 58 cents, or 0.6%, ​at $93.71 a barrel. The more actively traded August Brent futures were last trading up by ​72 cents at $92.97 as of 3:20 p.m. EDT (1720 GMT).

U.S. oil futures eked out marginal ⁠gains to settle up 22 cents, or 0.3%, at $88.90 a barrel.

Oil prices have been volatile in recent ​sessions on conflicting signals on the possibility of an end to the three-month Iran war and potential re-opening of the Strait ​of Hormuz. Traffic through the maritime chokepoint remains a small fraction of the pre-war level.

An agreement had been reached to extend the ceasefire in the Middle East for 60 days, four sources familiar with the matter told Reuters. News outlet Axios ​first reported about the deal on Thursday.

Oil prices fall after media report about a deal between US and Iran

The agreement still needs U.S. President Donald Trump’s approval, sources told ​Reuters. Iran’s Tasnim news agency, meanwhile, said the text of a potential memorandum of understanding with the U.S. has ‌not yet ⁠been finalized or confirmed.

In early trading, Brent and WTI futures were up more than 2%, after Iran’s Revolutionary Guards said they had targeted a U.S. air base in response to a U.S. attack on the port city of Bandar Abbas.

“The complex continues to advance grudgingly on bullish developments out of Iran while plunging markedly on even the slightest ​suggestion of a reopening ​of the Strait of ⁠Hormuz,” oil trading advisory firm Ritterbusch and Associates said.

“This contrast in responses to bullish and bearish inputs could continue as long as the ceasefire remains intact.”

Oil ​prices were also under pressure from official U.S. data that showed the country’s crude oil stockpiles fell by 3.3 ​million barrels ⁠last week, a sixth consecutive week of declines but lower than the 4.1-million-barrel draw analysts polled by Reuters expected.

U.S. gasoline and distillate fuel stockpiles also fell.

The oil market remains more sensitive to Middle East headlines despite another ⁠week ​of large declines in U.S. stockpiles, UBS analyst Giovanni Staunovo said.

Once approved, Chevron will become ​the operator and lead the search ‌for ⁠gas in Block 2 in the southwest of the Ionian Sea, with Helleniq retaining 30%, ​the ministry ​said ⁠in a statement.

Greece is considering giving Chevron and ​Helleniq more time to ​evaluate ⁠seismic data that have been completed for the area before ⁠they ​decide on any ​exploratory drilling there, the ministry added.

The ​project represents a €4.5 ‌billion ($5.2 ⁠billion) investment and will employ ​up ​to ⁠2,500 people ​during the ​three-year ⁠construction phase, the ⁠company ​said.

Brent crude futures fell 22 cents, or 0.2%, to $94.07 a barrel as of 10:20 a.m. ET (1420 GMT). U.S. West Texas Intermediate futures were unchanged at $88.68.

Both benchmarks had been up more than 2% earlier in the session after Iran’s Revolutionary Guards said they had targeted a U.S. airbase in response to a U.S. attack in the port city of Bandar Abbas.

The agreement between the U.S. and Iran still needs final approval from President Donald Trump, who has told mediators that he wants a few days to make the final decision, Axios reported citing U.S. officials and a source involved in the mediation.

Brent crude futures settled $5.29, or 5.31%, at $94.29 a barrel, while U.S. West Texas Intermediate crude lost $5.21, or 5.55%, to $88.68.

Both benchmarks touched their lowest in a month earlier in the session. The losses ​more than erased Brent’s gains from Tuesday.

U.S. Secretary of State Marco Rubio said there has been some ​progress in negotiations with Iran toward a deal. However, President Donald Trump said the U.S. and Iran ⁠still have issues to resolve in peace talks, while Iran’s Fars News has said unresolved issues remain.

READ MORE: Oil prices drop as traders look for US-Iran talks progress

Washington also dismissed an ​Iranian state television report of a framework deal to restore shipping through the Strait of Hormuz within a month and to ​lift a U.S. naval blockade on Iranian ships. The U.S. will withdraw military forces from the vicinity of Iran and lift its naval blockade, Iranian state TV said, adding that the management of ship traffic through the Strait of Hormuz will be handled by Iran in cooperation with ​Oman.

“A leader from the Iranian military stated that the possibility of returning to war is low, which has many traders ​believing a peace deal is getting closer … It seems the extremely tight global supplies that had been factored into crude are beginning to ‌lessen,” ⁠said Dennis Kissler, senior vice president of trading at BOK Financial.

Traffic through the Strait of Hormuz also continued with an oil products tanker operated by Chinese shipping group COSCO in the process of crossing the chokepoint on Wednesday, after two crude tankers sailed in the past day, although oil traffic overall was still limited, shipping data showed.

“The increase in shipping activity is reinforcing ​expectations that the critical waterway ​could gradually reopen, potentially restoring ⁠disrupted global energy flows and reducing near-term supply risk premiums,” said Mark Schaefer, a director at brokerage Liquidity Energy.

July Brent futures had risen 3.6% in the previous session after the U.S. ​carried out new strikes in Iran, hurting hopes that had risen over the weekend that ​Washington and Tehran ⁠would reach a peace deal.

Israel ramped up bombing in Lebanon on Tuesday, further straining peace efforts.

After an April ceasefire in the three-month-long conflict, both sides indicated they had made progress in talks toward reopening the strait. Iran’s effective closure of the Strait of Hormuz has taken ⁠more ​than 14 million barrels per day of Middle East oil supply offline, according to the ​International Energy Agency.

In a sign of demand weakening, India’s two largest airlines sharply cut planned domestic flights for June and July, sources familiar with the matter ​said.

Brent crude futures fell $2.67, or 2.68%, to $96.91 a barrel by 1139 GMT, while U.S. West Texas Intermediate (WTI) crude lost $3.43, or 3.65%, to $90.46 a barrel. The losses dented Brent’s gains from Tuesday.

“There has been palpable progress towards ending the crisis, and an increasing number of ships are transiting the critical chokepoint. This is why the downward pressure has resumed,” PVM analyst Tamas Varga said, referring to the Strait of Hormuz, key to global oil and gas flows.

July Brent futures rose 3.6% in the previous session after the U.S. carried out new strikes in Iran, hurting hopes that had risen over the weekend that Washington and Tehran would reach a peace deal.

“Hopes for a framework agreement between the U.S. and Iran to end the conflict have been somewhat dampened by the recent U.S. strikes on Iranian missile sites and vessels that were allegedly attempting to lay mines in the Strait of Hormuz,” Commerzbank analysts said on Wednesday.

“Nevertheless, confidence remains high among market participants,” they added.

Iran said on Tuesday that the U.S. had violated a ceasefire by striking targets near the Strait of Hormuz, while Washington said its strikes were defensive in nature.

Israel ramped up bombing in Lebanon on Tuesday, further straining peace efforts.

After an April ceasefire in the three-month-long conflict, both sides indicated they had made progress in talks toward reopening the Strait.

News that some LNG tankers have passed through the strait in recent days lifted expectations that the waterway might reopen soon, which would add to global supply.

Iran has effectively halted nearly all non-Iranian shipping into and out of the Gulf via the Strait of Hormuz since the war began in late February, choking off about a fifth of global oil and liquefied natural gas (LNG) flows.

Global benchmark Brent rose $3.78, or 3.9 percent, to USD99.92 a barrel at 10:50 a.m. ET (1450 GMT), while US West Texas Intermediate (WTI) crude fell USD2.88, or 3.0 percent, to USD93.72.

READ MORE: Oil tumbles nearly 7pc

On Monday, Brent closed at its lowest since April 20 on expectations the US and Iran would soon reach a deal. Those peace hopes were reflected in WTI prices on Tuesday since WTI did not settle on Monday due to the US Memorial Day holiday.

WTI was on track to close at its lowest since April 22 on Tuesday. Iran said the United States had violated the ceasefire after the US conducted what it called defensive strikes in southern Iran, while US Secretary of State Marco Rubio said that negotiating a deal to halt the conflict could “take a few days”.

Iran’s foreign ministry said US strikes in the southern Hormozgan province, where Iranian media reported sounds of explosions early on Tuesday, represented a “gross violation” of a tenuous ceasefire in place for nearly seven weeks.

Both sides had indicated progress on a memorandum of understanding that could halt the war and restart shipping through the blockaded Strait of Hormuz, while giving negotiators 60 days to negotiate more complex issues including Iran’s nuclear program.

“We are still waiting for more details on a potential deal,” said Giovanni Staunovo at UBS. “Meanwhile we see renewed tensions in the Middle East, while flows through the Strait remain restricted.”

Iran officials in Doha for talks

The US strikes happened as Iran’s top negotiator and its foreign minister were in Doha for talks with Qatar’s prime minister on a potential deal with the US to end the three-month-old war.

“While differences between the parties have narrowed, any eventual peace deal would likely lead only to a gradual reopening, meaning the current tight supply outlook could take months to normalize,” said Ole Hansen at Saxo Bank.

Tankers tracked passing through Strait

Nikkei, citing a Middle East diplomatic source, reported that Iran would clear mines from the Strait within a 30-day window under the potential agreement, after which vessels from all countries could navigate freely and safely, with Tehran also ending transit-fee collection.

The OFS consists of a base offer of up to a 1% equity stake in the state-run coal miner, with an option to sell an additional 1%.

The floor price has been fixed at 412 rupees per share, which is about a 10% discount to Coal India’s last closing price.

An OFS allows promoters or large shareholders of listed companies to sell shares through stock exchanges.

The stake sale is part of the Indian government’s broader divestment and asset monetisation program. It currently holds a 63.13% stake in Coal India.

The government has a divestment and asset monetization target of 800 billion rupees for fiscal year 2027, according to the Union Budget.

Earlier this week, the government sold an 8% stake in Central Bank of India via an OFS.

Iran has effectively halted nearly all non-Iranian shipping into and out of the Gulf via the Strait of Hormuz since the war began in late February, choking off about a fifth of global oil and liquefied natural gas (LNG) flows.

Global benchmark Brent rose $3.78, or 3.9%, to $99.92 a barrel at 10:50 a.m. ET (1450 GMT), while U.S. West Texas Intermediate (WTI) crude fell $2.88, or 3.0%, to $93.72.

On Monday, Brent closed at its lowest since April 20 on expectations the U.S. and Iran would soon reach a deal. Those peace hopes were reflected in WTI prices on Tuesday since WTI did not settle on Monday due to the U.S. Memorial Day holiday.

WTI was on track to close at its lowest since April 22 on Tuesday.

Iran said the United States had violated the ceasefire after the U.S. conducted what it called defensive strikes in southern Iran, while U.S. Secretary of State Marco Rubio said that negotiating a deal to halt the conflict could “take a few days”.

Iran’s foreign ministry said U.S. strikes in the southern Hormozgan province, where Iranian media reported sounds of explosions early on Tuesday, represented a “gross violation” of a tenuous ceasefire in place for nearly seven weeks.

Both sides had indicated progress on a memorandum of understanding that could halt the war and restart shipping through the blockaded Strait of Hormuz, while giving negotiators 60 days to negotiate more complex issues including Iran’s nuclear program.

“We are still waiting for more details on a potential deal,” said Giovanni Staunovo at UBS. “Meanwhile we see renewed tensions in the Middle East, while flows through the Strait remain restricted.”

Iran officials in Doha for talks

The U.S. strikes happened as Iran’s top negotiator and its foreign minister were in Doha for talks with Qatar’s prime minister on a potential deal with the U.S. to end the three-month-old war.

“While differences between the parties have narrowed, any eventual peace deal would likely lead only to a gradual reopening, meaning the current tight supply outlook could take months to normalize,” said Ole Hansen at Saxo Bank.

Tankers tracked passing through strait

Nikkei, citing a Middle East diplomatic source, reported that Iran would clear mines from the Strait within a 30-day window under the potential agreement, after which vessels from all countries could navigate freely and safely, with Tehran also ending transit-fee collection.

Ship-tracking data showed three LNG tankers passed through the Strait in recent days, heading to Pakistan, China and India, along with a supertanker carrying Iraqi crude to China that had been stranded for nearly three months.

U.S. President Donald Trump on Monday repeated his demand that Iran hand over its enriched uranium so it could be destroyed.

“It’s a sharp reminder that the deal could still collapse at the 11th hour, much like the five previous attempts before it,” said Tony Sycamore, a market analyst at IG.

Brent crude futures were down USD7.24, or almost 7 percent, at USD96.30 a barrel at 2:29 p.m. ET (1843 GMT) and US West Texas Intermediate futures were down USD6.30, or 6.5 percent, at USD90.88.

Trading volumes were light due to the US Memorial Day holiday. Iran’s top negotiator and its foreign minister were in Doha for talks with Qatar’s prime minister on a potential deal with the US to end the three-month-old war, an official briefed on the visit said Monday.

READ MORE: Oil slips to two-week low as US and Iran seen moving closer to deal

Both sides said they have made progress on a memorandum of understanding that would halt the war and give negotiators 60 days to reach a final deal.

‘GET SOME OIL MOVING’

“Even though it’s not done, there seems to be some hope that we will start to get some oil moving through the Strait of Hormuz,” said Phil Flynn, senior analyst with Price Futures Group.

But Rory Johnston, founder of the Commodity Context newsletter, sounded a note of caution.

“We’ve routinely gotten close and then collapsed on the details multiple times over the past couple of months and Hormuz remains closed,” Johnston said.

In a lengthy Truth Social post on Monday, US President Donald Trump said talks with Iran were going “nicely,” but warned of fresh attacks if they failed. He urged more Arab and Muslim states to sign up to the Abraham Accords, which were brokered during Trump’s first term in office and aim to normalise ties between Arab and other Muslim-majority states and Israel.

“That could mean a significant reduction of risk premium in the Middle East, especially if a deal with Iran can be done and Iran gives up their nuclear material,” Flynn said. Iran’s foreign ministry said on Monday Iran was negotiating an end to the war and was not currently discussing nuclear issues.

Even if a peace deal is reached, analysts expect a return to normal oil flows through the strait will take months, while damaged oil and gas facilities are repaired.

“The underlying supply shortfall of 10-11 (million barrels per day) of crude oil does not go away immediately and will see markets still drawing inventories until Middle Eastern crude production is back online, which is months away,” said Sparta Commodities analyst June Goh.

“We continue to believe that the key factors for the oil market to watch should be the physical oil flows; and so far, flows through the strait remain restricted,” said UBS analyst Giovanni Staunovo.

Ship-tracking data showed three liquefied natural gas tankers passed through the strait in recent days, heading to Pakistan, China and India, as well as a supertanker with Iraqi crude for China after being stranded for nearly three months.

He said that a central control room established in Islamabad will monitor 114 grid stations, 1,250 eleven-kV feeders, and more than 126 complaint offices round the clock under the supervision of senior officers. Complaint offices will remain fully active, while additional material and equipment have also been provided to field staff to promptly address any emergency situation.

Iesco chief appealed to consumers not to throw animal waste beneath electricity wires or near transformers, as birds and animals gathering there can cause interruptions in electricity supply and create safety hazards.

He further advised consumers to register electricity-related complaints through the helpline number 118.

Copyright Business Recorder, 2026