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Oil from dead animals’ bones, fat being sold in Karachi

KARACHI: At least two raids conducted by ARY News' Zimmedar Kaun team along with Sindh Food Authority (SFA) and Additional Deputy Commissioner Malir Syed Shujaat Hussain led to the disposal of a large quantity of oil prepared from dead animals' bones and sealing of shops selling the oil in Karachi. The Zimmedar Kaun team, on a tip off, raided several shops in Nazimabad, Federal B Area and Water Pump area of the city and found substandard cooking oil being sold both loose and in packaging.  As seen in the show…

Exploration of oil, gas to be given preference: petroleum minister

ISLAMABAD: Minister for Petroleum Ghulam Sarwar Khan on Saturday said that exploration of oil and gas would be given preference in order to support and strengthen the national economy. Addressing a function in Rawalpindi, Sarwar Khan regretted that the exploration was not given preference in the past and that was why country was spending 16 billion dollars a year on import of petroleum products. He pointed out that we import 85 percent of petroleum products from abroad. Read More: People will not face gas…

India to pay in rupees for oil imports from Iran: source

NEW DELHI: India will import crude oil from Iran using a rupee-based payment mechanism, an industry source involved in discussions told Reuters on Thursday, adding that 50 percent of those payments will be used for exporting items to Tehran. India’s state-owned UCO Bank is expected to announce the payment mechanism in the next 10 days, the source said. “An agreement had been signed by the Indian and Iranian government on Nov. 2 2018 for oil payment in rupees and 50 percent of those funds had been earmarked for…

Saudi Arabia works on convincing Russia to join oil cuts

VIENNA: Saudi Arabia sought to persuade Russia on Wednesday to cut oil production substantially with OPEC next year in an attempt to arrest a decline in the price of crude and prevent another global glut. OPEC meets on Thursday in Vienna, followed by talks with allies such as Russia on Friday. The producer group’s de facto leader, Saudi Arabia, has indicated a need for steep reductions in output from January but has come under pressure from U.S. President Donald Trump to push oil prices lower. Russian Energy Minister…

Saudi Arabia pumps record amount of oil as Trump piles on pressure

DHAHRAN: Saudi Arabia raised oil production to an all-time high in November, an industry source said on Monday, as US President Donald Trump piled pressure on the kingdom to refrain from production cuts at an OPEC meeting next week. The meeting, at which OPEC members will consider how to arrest a decline in oil prices, comes days after leaders of top global oil producers - Russian President Vladimir Putin, Saudi Crown Prince Mohammed bin Salman and Trump - travel to Argentina for a G20 summit this week. Saudi Arabia…

Oil dips on swelling U.S. stocks, but expected OPEC supply cut stems losses

SINGAPORE: Oil prices dipped on Thursday after U.S. crude inventories increased to their highest level since December 2017 amid concerns of an emerging global glut, although an expected supply cut by producer cartel OPEC prevented further drops. U.S. West Texas Intermediate (WTI) crude futures, were at $53.38 per barrel at 0141 GMT, 25 cents, or 0.5 percent below their last settlement. Front-month Brent crude oil futures were at $63.28 per barrel, down 20 cents, or 0.3 percent, from their last close. U.S. commercial…

Oil prices slip on concerns of looming oversupply, economic downturn

SINGAPORE: Oil prices slipped on Thursday, weighed down by rising supply going into a market in which consumption is expected to slow down amid a glum economic outlook. Front-month Brent crude oil futures were trading at $65.88 per barrel at 0441 GMT, down 24 cents, or 0.4 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $55.96 a barrel, down 29 cents, or 0.5 percent. Since early October, oil prices have lost around a quarter of their value as supply soars just as demand is…

Indonesia confirms Pakistan trade agreement to protect palm oil exports

JAKARTA: The Indonesian government is geared up to confirm a trade deal with Pakistan in order to protect $1.5 billion in annual palm oil exports to the South Asia region, a cabinet minister stated. According to Abdul Rasheed JanMohammed, chairman of Pakistan Edible Oil Refiners Association,  Indonesia is termed as the world’s major palm oil producer, and considered as a leading exporter to Pakistan, but still it has been losing its market value to Malaysia, which is on the second number in the world. Indonesia’s…

Saudi Arabia says oil market could shift to oversupply in fourth quarter

RIYADH: Saudi Arabia said on Thursday the oil market could be shifting towards oversupply in the fourth quarter of the year as oil inventories rise and demand slows, and the top oil exporter will “mirror” such changes in its production. “We are of the view that the market in the fourth quarter could be shifting towards an oversupply situation as evidenced by rising inventories over the past few weeks,” Saudi OPEC governor Adeeb Al-Aama told Reuters on Thursday. “So we want to be watchful not to over-correct and cause a…

Saudi and the US: a friendship based on security and oil

DUBAI: Saudi Arabia has long been a major US ally in the Middle East, thanks primarily to security considerations and oil. But their diplomatic friendship has not always been a smooth one. - Partners since 1945 - The two countries established diplomatic relations in 1940, in the early stages of World War II. On February 14, 1945 their partnership was sealed during a historic meeting between king Abdel Aziz bin Saud and president Franklin D. Roosevelt on board the cruiser USS Quincy in the Suez Canal. The…