The Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, revealed that they would continue to enforce substantial oil production cuts totalling 5.86 million bpd.
In April 2024, Brent Crude Oil prices hovered around USD 89.4 per barrel, experiencing a slight ease due to concerns over global demand and a stronger dollar index.
According to S&P Global Commodity Insights, Russell Hardy, the CEO of Vitol, delivered this forecast, indicating that spot crude prices could surge to USD 100/b later this year if Organization of the Petroleum Exporting Countries (OPEC+) continues its production discipline and persists i
It reported citing a notification from the Pakistan Ministry of finance, the new prices of petrol are PKR 267.34 and PKR 276.21 for HSD. The State Bank reported the dollar had settled at PKR 283.51 on Thursday after losing against the local currency. Dealers said the market stayed calm even
Amid the ongoing Israel-Hamas war, which raised concerns about its potential impact on crude oil, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri said that if crude oil prices go up, it will have a very strong and adverse impact on attempts at global economic recovery.
Global crude oil prices moved in the northward direction on Monday, following the Israel-Hamas war that entered Day 3 with large fatalities on both sides.
Brent, the global benchmark responsible for influencing two-thirds of the world's oil, witnessed a 3.76 per cent increase, reaching a notable USD 87.76 per barrel.