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Pakistan Peoples Party (PPP) Chairperson Bilawal Bhutto Zardari has said that the days of the "selected government are numbered", adding that the citizens will not accept the hike in petroleum prices at any cost. In a statement, the PPP leader said that already the CNG stations were closed for three months, and now an increase in oil prices will further raise inflation and food prices. "The long march starting from February 27 will take into account every robbery committed on the pockets of the people. The days of the puppet circus are over," Bilawal said. Jamaat-i-Islami (JI) Chief Siarjul Haq also issued a statement, accusing the government of being "indifferent to the sufferings of inflation-hit masses". Threatening a protest march towards Islamabad, the leader said that his party will not remain silent on this brutality by the government. Pak Sarzameen Party (PSP) Chairman Mustafa Kamal also lashed out at the government, saying that the rise in petrol prices has crushed the poor segment of society.

Analysis | By Bisi Daniels | 16. 02. 2022 The recent spill at Santa Barbara 1 well in Nembe, Bayelsa State, made the news so loud that it drowned some salient points and diverted attention from bigger stories elsewhere in the creeks. Aiteo Eastern Exploration and Production Company, operators of the well, must have been under intense pressure going by the number of highly placed Bayelsa indigenes in the oil and gas industry. They include the Minister of State for Petroleum Resources, Timipre Sylvia, who visited the site and said that President Buhari sent him; and Simbi Wabote, the Executive Secretary of the Nigerian Content Development and Monitoring Board. A former Shell executive and highly respected monarch, Chief Edmund Daukoru is the Amanyenebo of Nembe. He obtained a Ph.D in Geology from Imperial College, London. He was employed by Shell International Petroleum Company from 1970, where he rose from Chief Geologist to General Manager of Exploration in Nigeria. Although they were not reported to have said anything, the presence of such knowledgeable people cannot be ignored.

Iraq''s Kurdistan Regional Government rejected the Federal Supreme Court ruling against independent Kurdish exports in the semi-autonomous region and vowed to take legal and constitutional measures to protect its oil and gas contracts as the dispute between Erbil and Baghdad escalates. Iraq''s Federal Supreme Court ruled on Feb. 15 the 2007 oil and gas law in the Kurdistan region as…

Pakistan Peoples Party (PPP) Chairperson Bilawal Bhutto Zardari has said that the days of the "selected government are numbered", adding that the citizens will not accept the hike in petroleum prices at any cost. In a statement, the PPP leader said that already the CNG stations were closed for three months, and now an increase in oil prices will further raise inflation and food prices. "The long march starting from February 27 will take into account every robbery committed on the pockets of the people. The days of the puppet circus are over," Bilawal said. Jamaat-i-Islami (JI) Chief Siarjul Haq also issued a statement, accusing the government of being "indifferent to the sufferings of inflation-hit masses". Threatening a protest march towards Islamabad, the leader said that his party will not remain silent on this brutality by the government. Pak Sarzameen Party (PSP) Chairman Mustafa Kamal also lashed out at the government, saying that the rise in petrol prices has crushed the poor. On Tuesday, the government announced a massive up to Rs 12.03 per litre increase in the prices of petroleum products with effect from February 16 (today).

The presidency has denied that President Muhammadu Buhari queried the chief executive officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, over the recent importation of dirty fuel into the country. This development comes as petrol, on Tuesday, sold for N800 per litre within the Federal Capital Territory (FCT), Abuja. According to the presidential source, yesterday, no query was issued to the management of the NMDPRA, contrary to an earlier report in the media. A report by a national newspaper, (not BusinessDay), and credited to an unnamed source, had said an angry President Buhari, who doubles as minister of petroleum, directed the minister of state, Timipre Sylva, to issue a query to Farouk Ahmed, the NMDPRA boss. The competent presidential source, while setting the records straight, told State House correspondents that “no such order was given by the president” Read also: Why it is difficult to remove petrol subsidy – Sylva “There was no directive to issue a query.

“If we do not have a deal with Iran in the next three weeks, the prices will be well ahead of $100 a barrel because Opec does not have enough capacity to produce 400,000 barrels per day. The new normal will be between $70 and $80 a barrel after 2025. Before 2025, the new normal is somewhere in the range of $85 to $95 a barrel. It all depends on what happens in negotiations with Iran. If the Iranian deal is made, prices could dip $5-10 a barrel.”

Crude oil futures were lower in mid-morning trade in Asia Feb. 16, extending a selloff from the overnight session amid an easing of tensions on the Russia-Ukraine border. At 9:54 am Singapore time (0154 GMT), the ICE April Brent futures contract was down 42 cents/b (0.45%) from the previous close at $92.86/b, while the NYMEX March light sweet crude contract…

Crude oil priced in Japanese Yen has been consistently appreciating of late despite elevated geopolitical risks. What does this say about the safe-haven status of the JPY?

The acute shortage of petrol ravaging the country entered the ninth day yesterday provoking over 50 per cent rise in transport fares in many parts of the country despite reassurances from both the Nigerian National Petroleum Company (NNPC) Limited and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) that the situation would soon normalise. […]

The U.N. humanitarian chief says an agreement has been reached in principle on a U.N.-coordinated proposal that would transfer more than 1 million barrels of crude oil from a tanker that has been moored off the coast of war-torn Yemen since the 1980s to another ship

ISLAMABAD: The government Tuesday significantly increased prices of petroleum products after crude oil hit an eight-year high in international market that will add to inflationary pressure in the economy and affect the household budgets of millions of Pakistanis. The government increased the…

Wall Street stocks rebounded on Tuesday after Russia said that some troops have been withdrawn from the Ukraine border. Crude oil prices pulled back sharply. Asia-Pacific markets look set to open h…

NEW YORK: Oil tumbled over 4 percent from a seven-year high on Tuesday after Russia said some of its military units were returning to their bases after exercises near Ukraine, a move that appeared to de-escalate tension between Moscow and the West.It was not clear how many units were being…

Welcome to Tuesday’s Overnight Energy & Environment, your source for the latest news focused on energy, the environment and beyond. Subscribe here: thehill.com/newsletter-signup. Today we’re looking at the president’s comments on a…

Oil fell after Russia said some troops are starting to return to their permanent bases, easing geopolitical tensions that have rallied prices.