Friday, October 17 2025

Oil set for weekly loss as Trump-Putin summit looms
Oil prices edged lower in early trade on Friday, heading for a weekly loss, with uncertainty over global energy supplies after U.S. President Donald Trump and Russian President Vladimir Putin agreed to meet in Hungary to discuss ending the war in Ukraine. Brent crude futures fell 8 cents, or 0.13%, lower at $60.98 a barrel at 0030 GMT, while U.S. West Texas Intermediate futures were down 9 cents, or 0.16%, at $57.37. On a weekly basis, both benchmarks were down nearly 3%, partly due to the International Energy Agency’s outlook for a growing supply glut in 2026. Trump and Putin agreed on Thursday to another summit on the war in Ukraine, a surprise move that came as Moscow feared fresh U.S. military support for Kyiv. The meeting may be held within the next two weeks in Budapest.
Related news categories: business misc oilgas-marketing

Mari Energies announces oil & gas discovery in Sindh
Mari Energies Limited (MARI) announced on Friday the discovery of oil and gas in Sindh’s Mari Ghazij CF-B1 Well. MARI disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Friday. “Mari Ghazij CF-B1 well was spud-in on September 12, 2025 and successfully drilled down to the total depth of 1,195 meters into SUL formation,” the company said. Mari Energies announces first gas discovery at Soho-1 well in Sindh In its notice, MARI further said that the well targeted the oil-prone zones within Ghazij formation. “During testing, the well produced 305 barrels per day of oil along with 3 MMSCFD gas with wellhead flowing pressure (WHFP) of 225 Psi at 48/64 inch choke size.”
Related news categories: business economic-indicators oilgas-exploration oilgas-marketing psx stock-exchanges
Related symbols: mari (news stock)

Thursday, October 16 2025

Oil up 1% after Trump says India promised to stop buying from Russia
Oil prices rose around 1% on Thursday after U.S. President Donald Trump said Indian Prime Minister Narendra Modi had pledged his country would stop buying oil from Russia, a move that could drain supply elsewhere. Brent crude futures rose 54 cents, or 0.87%, to $62.45 a barrel by 0430 GMT. U.S. West Texas Intermediate (WTI) futures climbed 57 cents, or 0.98%, to $58.84. Both contracts touched their lowest since early May in the previous session on U.S.-China trade tensions and after the International Energy Agency warned of a big surplus next year as OPEC+ producers and rivals lift output amid weak demand. Trump said on Wednesday that India - which taps its top supplier Russia for about one-third of its oil imports - would halt oil purchases from Russia, and the U.S. would next try to get China to do the same as Washington intensifies efforts to cut off Moscow’s energy revenues and pressure it to negotiate a peace deal in Ukraine.
Related news categories: business economic-indicators oilgas-marketing

Tuesday, October 14 2025

POL brings Razgir-1 well onstream
Pakistan Oilfields Limited (POL) announced on Tuesday that the Razgir-1 well was brought onstream on October 12 at the Tolanj Production Facility after securing approvals from the regulatory authorities. The company shared the development in a notice to the Pakistan Stock Exchange (PSX). “Production from the well is being gradually ramped up and is expected to reach the flow rate of 25.1 million cubic feet per day of gas with 333 barrels per day of condensate by the end of the day, as per the results of commingle production shared by the operator earlier,” the company said. The pre-commerciality interest of POL is 25%. POL is involved in the exploration, drilling, and production of crude oil and gas within the nation. It produces LPG, natural gas, and crude oil, which it sells under the POLGAS brand and through its subsidiary CAPGAS (Private) Limited. In addition, POL manufactures sulfur and solvent oil.
Related news categories: business economic-indicators oilgas-marketing psx stock-exchanges
Related symbols: pol (news stock)

Monday, October 13 2025

Oil rebounds 1% after sharp losses on US-China tensions
Oil prices clawed back some gains on Monday after hitting five-month lows in the previous session as investors hoped potential talks between the presidents of the U.S. and China could ease trade tensions between the world’s two largest economies and oil consumers. Brent crude futures rose 87 cents, or 1.39%, to $63.60 a barrel by 0045 GMT after settling down 3.82% on Friday to the lowest since May 7. U.S. West Texas Intermediate crude was at $59.77 a barrel, up 87 cents, or 1.48%, following a 4.24% loss to reach its lowest since May 7. U.S.-China trade tensions flared up last week after China expanded its rare earth export controls and drew a response from U.S. President Donald Trump on Friday to impose 100% tariffs on China’s U.S.-bound exports, along with new export controls on “any and all critical software” by November 1.
Related news categories: business economic-indicators oilgas-marketing