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Coronavirus
VERY HIGH Source: covid.gov.pk
Pakistan Deaths
23,360
6524hr
Pakistan Cases
1,029,811
4,95024hr
8.46% positivity
Sindh
380,093
Punjab
356,211
Balochistan
30,289
Islamabad
87,304
KPK
143,673

oil production

Oil climbs while OPEC+ considers output increase
Markets

Oil climbs while OPEC+ considers output increase

  • WTI rose more than 10% in June, Brent more than 8%.
  • Cushing inventories drop to lowest since March 2020 –EIA.
  • Brent to average $67.48/bbl; WTI $64.54 in 2021 -Reuters poll.
  • OPEC+ to add 2 mln bpd to market in August-December – source.
Published 01 Jul, 2021 06:46pm
Oil trades at multi-year highs on demand expectations
Markets

Oil trades at multi-year highs on demand expectations

  • Vitol CEO sees oil price around $70-$80/bbl this year.
  • Trafigura CEO says good chance oil gets to $100/bbl.
  • POLL-US crude inventories seen falling for 4th week in a row.
  • Coming Up: API data on US crude stocks at 4:30 p.m. ET.
Published 15 Jun, 2021 09:01pm
Oil prices to drift higher despite India demand hiccup
Markets

Oil prices to drift higher despite India demand hiccup

  • Demand growth seen at 5.5-6.5 million bpd in 2021.
  • Fifth straight upward revision to the 2021 Brent consensus.
  • Benchmark Brent crude to average $64.17/bbl in 2021.
  • US crude forecast to average $61.01/bbl this year.
Published 30 Apr, 2021 06:43pm
Iran again boosts OPEC oil output in April
Markets

Iran again boosts OPEC oil output in April

  • OPEC April output rises 100,000 bpd from March.
  • Compliance with OPEC+ cut pledges slips to 123%.
  • Iran posts OPEC's biggest output gain despite sanctions.
  • Biggest declines seen in Venezuela and Libya.
Published 30 Apr, 2021 06:38pm
Imperial Oil swings to quarterly profit helped by oil price recovery
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
Mexican oil output slightly below target agreed with OPEC+
Markets

Mexican oil output slightly below target agreed with OPEC+

  • "We are fine, we are fulfilling our target and the commitment Mexico made before OPEC+, which is 1.753 million bpd," Nahle said at a virtual convention organized by Mexico's Association of Hydrocarbon Companies. "We are slightly below that, which gives us flexibility to continue working."
Published 27 Apr, 2021 08:18pm
OPEC+ ministers meet amid concern about rising virus cases
Markets

OPEC+ ministers meet amid concern about rising virus cases

  • The group, known as OPEC+, began a meeting of its joint ministerial monitoring committee (JMMC) a day head of schedule, an OPEC+ source told Reuters.
  • Oil prices rebounded on Tuesday after falling in the previous session, with gains capped by growing concern about fuel demand in India, the world's third-biggest crude importer.
Published 27 Apr, 2021 06:07pm
OPEC urges members to lobby against US NOPEC bill and outline risks
Business & Finance

OPEC urges members to lobby against US NOPEC bill and outline risks

  • "These disadvantages might include: weakening the immunity principle at a global level, putting at risk US interests overseas, and the protection for their personnel and assets," the letter said.
  • Barkindo said "several prominent US economic actors" had expressed reservations about the NOPEC bill, including the US Chamber of Commerce.
Published 23 Apr, 2021 05:46pm
Oil prices dip on mixed supply and demand outlook
Markets

Oil prices dip on mixed supply and demand outlook

  • Brent crude futures for June fell 32 cents, or 0.32%, to $62.88 a barrel.
  • Both contracts are on track for a 2%-3% drop this week but still far from a low of $60.47 hit two weeks ago. Exerting downward pressure is the decision by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, to increase supplies by 2 million barrels per day between May and July.
Published 09 Apr, 2021 07:35pm