Trends - oil output - Business Recorder

oil output

'Not our war': Gulf states resist pressure to raise oil output

Gulf countries, which had suffered from declines in oil prices since 2014, now seem all the more reluctant to take immediate action as they benefit from the short-term price surge

Published 03 Mar, 2022 05:40pm

Markets

IEA's Birol again urges OPEC+ to narrow gap between oil targets and output

RIYADH: The Organization of the Petroleum Exporting Countries (OPEC) and their allies, known as OPEC+, needed to...

Published 16 Feb, 2022 01:06pm

Markets

Kazakhstan wants more oil output to stay at home to tackle fuel problems

MOSCOW: Kazakhstan has asked the foreign companies operating its main oilfields to supply the domestic market so it...

Published 04 Feb, 2022 06:24pm

Business & Finance

OPEC+ expected to stick with planned Feb output increase, sources say

LONDON/MOSCOW: OPEC+ is expected to stick to its plans for a February output increase when it meets on Tuesday,...

Published 03 Jan, 2022 05:19pm

Business & Finance

Iran to cut oil output, prioritise defence in 2022-23 budget

TEHRAN: Iran plans to cut oil output and prioritise defence spending in its 2022-2023 draft budget because of...

Published 12 Dec, 2021 08:42pm

Markets

Japan's oil reserve release plan unchanged by price drop

TOKYO: Japan's plan to release oil from strategic reserves in coordination with the United States and other ...

Published 03 Dec, 2021 10:50am

Markets

OPEC+ agrees to go ahead with oil output rise, as US pressure trumps virus scare

OPEC+ agrees to add another 400,000 bpd in January

Published 02 Dec, 2021 10:21pm

Markets

Japan considers releasing oil reserves to curb prices

TOKYO: Japan's government is considering releasing oil from its reserves in response to rising crude oil prices,...

Published 20 Nov, 2021 10:40am

Markets

OPEC+ likely to stick to oil output plan, sources say

LONDON: OPEC and its allies are likely to stick to plans to raise oil output by 400,000 barrels per day (bpd) at an...

Published 04 Nov, 2021 07:45pm

Markets

Falling spare oil capacity underscores need for more investment, IEA says

Shrinking global spare capacity underscores the need for increased investments to meet demand further down the road

Updated 14 Oct, 2021 05:18pm

Markets

Russian oil, gas condensate output at highest since April 2020

MOSCOW: Russian oil and gas condensate output rose to 10.72 million barrels per day (bpd) in September, the highest...

Updated 02 Oct, 2021 11:27am

Markets

OPEC+ could reconsider output increase, says Kuwaiti oil minister

OPEC+ last year implemented a record output cut of 10 million bpd, equating to about 10% of world demand

Updated 29 Aug, 2021 07:00pm

Markets

Novak says Russia to raise oil output in H2

Russia would additionally produce some 21 million tonnes of oil this and next year, he said.

Published 18 Jul, 2021 05:03pm

Markets

Strong buying appetite lifts HSFO cash premiums

SINGAPORE: Cash premiums for cargoes of 180-cst and 380-cst high-sulphur fuel oil (HSFO) climbed to fresh highs on...

Published 06 Jul, 2021 03:48am

Markets

OPEC+ meeting yet to resume amid Saudi-UAE standoff

Talks carried over from last week after UAE opposition.
Deal could see 2 mln bpd added to market in stages by December.

Updated 05 Jul, 2021 07:55pm

Markets

OPEC oil output rise in May limited by Nigeria, Iran losses: survey

OPEC May output rises 280,000 bpd from April.
Compliance with OPEC+ cut pledges slips to 122%.
Saudi posts OPEC's biggest output gain.

Published 31 May, 2021 06:29pm

Markets

India demand worries, weak Japanese imports knock oil prices from six-week highs

Brent to average $64.17 in 2021-Reuters poll.
Japan's March oil imports fall 25.0 pct y/y – METI.
China's factory activity growth slows in April.
Japan's April manufacturing expands at fastest pace since 2018.
India infections top 18 million.

Published 30 Apr, 2021 08:54pm

Business & Finance

Imperial Oil swings to quarterly profit helped by oil price recovery

Calgary-based Imperial, which is majority-owned by Exxon Mobil Corp, is benefitting from higher global oil prices as fuel usage picks up from last year, when coronavirus pandemic-related lockdowns decimated demand.
The recovery, however, remains spotty with second and third waves of COVID-19 surging in various parts of the world, including Canada, and an uneven rollout of vaccines.

Published 30 Apr, 2021 06:35pm

Business & Finance

Schlumberger signals improving international drilling activity

Schlumberger, which has been selling assets in North America, said it is benefiting from an inflection in global drilling activity which has picked up as oil prices climbed to $65.45.
Worldwide, the rig count has risen about 11.5% to 1,231 for the quarter ended in March, according to Baker Hughes data.

Published 23 Apr, 2021 05:40pm

Markets

Oil rises but remains rangebound as COVID-19 cases soar

However, the crude prices have remained rangebound in the past three weeks, with Brent between $60 and $65 a barrel and WTI at $57 to $62.
"Oil prices are entering a consolidation phase after swinging wildly last month," said oil broker PVM's Stephen Brennock.

Published 12 Apr, 2021 05:59pm

Markets

Oil up as OPEC+ meets to decide on production policy

OPEC+ deliberates about rollover or hike, sources say.
OPEC+ meeting is scheduled to start at 1300 GMT.
Euro zone factory activity soared in March.

Published 01 Apr, 2021 05:17pm

Markets

Oil falls 4pc as dollar rises and vaccine rollout stalls

Benchmarks fall for fifth session to two-week lows.
US stockpiles may grow more after WTI flip into contango.
Stronger dollar adds further pressure to oil prices.

Published 18 Mar, 2021 09:07pm

Business & Finance

Eni files request to settle Congo oil permit probe

The sources said Eni's move came after prosecutors agreed to downgrade the allegations from international bribery to undue inducement.
Settling a criminal case in Italy does not involve any admission of guilt or responsibility.

Published 18 Mar, 2021 07:22pm

Markets

Oil steady near $70 on hopes of recovering demand

Gasoline demand expected to jump during summer.
US crude output to grow this year, JP Morgan says.
OPEC sees stronger oil demand recovery in second half.

Published 12 Mar, 2021 05:40pm

World

Saudi Arabia to take action to protect oil facilities

Oil prices spiked briefly following Sunday's missile and drone assault on the kingdom, including on an oil storage yard at Ras Tanura, site of a refinery and the world's biggest offshore oil-loading facility.
"The Kingdom will take the necessary deterrent measures to protect its national capabilities," the prince said.

Published 10 Mar, 2021 05:50pm

Markets

Oil steady ahead of official US inventory data

US crude stockpiles rise, fuel inventories fall –API.
Official EIA data expected Wednesday.
OECD raises forecast for global economic outlook.

Published 10 Mar, 2021 05:11pm

Markets

Gulf countries get fiscal leeway after OPEC+ extends output cuts

These countries will still benefit from the higher oil revenue, as the forecast increase in oil price outweighs the lower output.
"The marked narrowing in the fiscal deficit with higher oil revenue gives further space to increase fiscal support to the economies."

Updated 08 Mar, 2021 10:16pm

Business & Finance

Oil prices rise after Saudi minister urges caution on market

OPEC+ ministers meet on Thursday, future Saudi output unclear.
US crude inventories surge, fuel stocks fall –EIA.
Yemen's Houthis say they fired missile at Saudi Aramco site.

Updated 04 Mar, 2021 09:51pm

Markets

OPEC+ debates whether to raise or freeze oil output as price recovers

OPEC+ ministers meet at 1300 GMT.
Market had been expecting OPEC+ to ease curbs.
Outlook for Saudi Arabia's voluntary cut unclear.
Oil prices trade near pre-pandemic levels.

Published 04 Mar, 2021 05:12pm

Markets

OPEC+ considering oil output roll over for April, sources say

The market has been expecting OPEC+ to ease production cuts by around 500,000 barrels per day (bpd) from April.
OPEC leader Saudi Arabia has also been expected to end its voluntary production cut of an additional 1 million bpd.

Published 03 Mar, 2021 05:50pm

Forex
World
Commodity

Currency	Rate
USD PKR Interbank Selling / Jul 26	278.40
USD PKR Interbank Buying / Jul 26	278.20
USD to Japanese Yen / Jul 26	153.77
USD to Swiss Franc / Jul 26	0.88
Pound Sterling to USD / Jul 26	1.29
Euro to USD / Jul 26	1.09

Stock	Volume
S&P 500 / Jul 25	5,399.22
Nasdaq / Jul 25	17,181.72
Dow Jones / Jul 25	39,935.07
India Sensex / Jul 26	80,709.64
Tokyo Nikkei / Jul 26	37,865.35
Hang Seng / Jul 26	17,058.55
FTSE 100 / Jul 26	8,255.78
Germany DAX 30 / Jul 26	18,346.62

Item	Value
Crude Oil USD/Barrel / Jul 26	78.38
Karachi Cotton PKR/37.32 KG / Jul 26	17,035
Gold 10 Grams PKR / Jul 26	215,621
Gold Spot USD/Ounce / Jul 26	2,374.19
Cotton US¢/pound / Jul 26	68.62
Petrol/Litre / Jul 27	275.60

Gainers
Losers
Leaders

Stock	Price
786 Invest Ltd / Jul 27 786 Investments Limited(786)	5 ▼ 0.00 (0.00%)
AL-Abbas Sugar / Jul 27 Al-Abbas Sugar Mills Limited(AABS)	585 ▼ 0.00 (0.00%)
Agro Allianz / Jul 27 Agro Allianz Limited(AAL)	16 ▼ 0.00 (0.00%)
AL-Abid Silk / Jul 27 Al-Abid Silk Mills Limited(AASM)	3.49 ▼ 0.00 (0.00%)
Ali Asghar / Jul 27 Ali Asghar Textile Mills Limited(AATM)	2.07 ▼ 0.00 (0.00%)
Allied Bank / Jul 27 Allied Bank Limited(ABL)	87.10 ▼ 0.00 (0.00%)
Abbott Lab. / Jul 27 Abbott Laboratories (Pakistan) Limited(ABOT)	499.34 ▼ 0.00 (0.00%)
Abson Ind. / Jul 27 Abson Industries Limited(ABSON)	2.50 ▼ 0.00 (0.00%)
Alfalah ETF. / Jul 27 Alfalah Consumer Index ETF.(ACIETF)	9.84 ▼ 0.00 (0.00%)

Stock	Price
786 Invest Ltd / Jul 27 786 Investments Limited(786)	5 ▲ 0.00 (0.00%)
AL-Abbas Sugar / Jul 27 Al-Abbas Sugar Mills Limited(AABS)	585 ▲ 0.00 (0.00%)
Agro Allianz / Jul 27 Agro Allianz Limited(AAL)	16 ▲ 0.00 (0.00%)
AL-Abid Silk / Jul 27 Al-Abid Silk Mills Limited(AASM)	3.49 ▲ 0.00 (0.00%)
Ali Asghar / Jul 27 Ali Asghar Textile Mills Limited(AATM)	2.07 ▲ 0.00 (0.00%)
Allied Bank / Jul 27 Allied Bank Limited(ABL)	87.10 ▲ 0.00 (0.00%)
Abbott Lab. / Jul 27 Abbott Laboratories (Pakistan) Limited(ABOT)	499.34 ▲ 0.00 (0.00%)
Abson Ind. / Jul 27 Abson Industries Limited(ABSON)	2.50 ▲ 0.00 (0.00%)
Alfalah ETF. / Jul 27 Alfalah Consumer Index ETF.(ACIETF)	9.84 ▲ 0.00 (0.00%)

Stock	Volume
P.I.A.C.(A) / Jul 27 Pakistan International Airlines Corp(PIAA)	47,200,500 ▲ 0.00
Cnergyico PK / Jul 27 Cnergyico PK Limited(CNERGY)	29,719,327 ▲ 0.00
Pak Petroleum / Jul 27 Pakistan Petroleum Limited(PPL)	21,170,581 ▲ 0.00
Pak Refinery / Jul 27 Pakistan Refinery Limited(PRL)	16,965,134 ▲ 0.00
The Searle Co. / Jul 27 The Searle Company Limited(SEARL)	15,793,227 ▲ 0.00
P.T.C.L. / Jul 27 Pakistan Telecommunication Company Ltd(PTC)	15,054,641 ▲ 0.00
K-Electric Ltd. / Jul 27 K-Electric Limited(KEL)	14,145,556 ▲ 0.00
WorldCall Telecom / Jul 27 Worldcall Telecom Limited(WTL)	13,158,668 ▲ 0.00
Telecard Limited / Jul 27 Telecard Limited(TELE)	12,358,668 ▲ 0.00

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