Tag Archives: The News International (Newspaper)

Hungary will face fuel shortages from September if full Russian oil flows are not restored, a government official said on Friday, accusing Ukraine of blackmailing it by partially suspending supplies. Eastern European Union members Slovakia and Hungary have been hit by a stop in flows from Russian group Lukoil coming …

China’s decades-long boom in oil processing could falter this year in a blow to global demand and the aspirations of OPEC+ producers seeking to return supply to the market, reports Bloomberg. Oil refining in the world’s top crude importer is expected to be flat or fall for the first time …

Turkmenistan has asked Pakistan to include its investment in the TAPI gas pipeline project under a law that was passed to protect foreign investment in the Reko Diq project, a senior official at the energy ministry told The News on Friday. The Foreign Investment Promotion and Protection Act (FIPPA), 2022, …

The government is scheduled to discuss a long-term program for the import of discounted crude oil from Russia with the administration in Moscow next week, officials confirmed Arab News on Friday, as the South Asian state seeks to diversify its energy supplies at cheaper rates. A Pakistani delegation, headed by …

Russia is again reviving the possibility that it could ban all crude oil product exports in order to stabilize volatile fuel prices in the country, Russia’s TASS new agency said . Alternatively, Russia could increase its oil product exports duty to $250 per tonne. This duty will be refunded for …

The International Energy Agency said Friday it had revised upwards its forecast for global oil demand growth in 2023 as demand is “scaling record highs”. World oil demand already hit a record 103 million barrels per day in June and August and “could see yet another peak”, the Paris-based IEA …

Oilfield services groups are feeling the squeeze from a slowdown in activity in the US shale patch as companies scale back on oil and gas drilling. The world’s biggest oilfield services providers, responsible for the industry’s grunt work from drilling wells to building roads, reported a hit to North American …

China is importing record volumes of oil despite a weak economy as it takes advantage of cheap Russian crude to build stockpiles and export refined products. The rise in oil imports to record levels this year comes against the backdrop of a faltering recovery in the world’s second-largest economy. It …

U.S.-led international sanctions on Russia have begun to erode the dollar’s decades-old dominance of international oil trade as most deals with India – Russia’s top outlet for seaborne crude – have been settled in other currencies. The dollar’s pre-eminence has periodically been called into question and yet it has continued …

OPEC has cut its forecasts for US shale oil supply several times as factors including investor caution curb expansion, making the non-conventional supply less of a worry for the producer group in its decisions on oil policy. On Tuesday, OPEC trimmed its forecast for 2023 growth in U.S. tight oil, …