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India makes first crude oil payment to UAE in Indian rupees

15 Aug 2023

India and the United Arab Emirates have started settling bilateral trade in their local currencies with India's top refiner making payment in rupees for purchase of a million barrels...

Pakistan welcomes arrival of first shipment of discounted crude oil from Russia

13 Jun 2023

The Pakistani government on Monday welcomed the arrival of the first shipment of discounted crude from Russia under a key deal between Islamabad and Moscow. Prime Minister Shahbaz Sharif...

EFG Hermes conference highlights key trends across Frontier and Emerging Markets

06 Mar 2023

Sajjad Ahmad, Deputy Business Editor EFG Hermes Holding, the leading financial institution with a universal bank in Egypt and the leading investment bank franchise in Frontier and Emerging Markets (FEM),...

Oil contracts rebound as Russia cuts output

11 Feb 2023

Oil contracts rebounded on Friday after Russia announced it would slash its crude output in response to a Western price cap that was imposed on exports after Moscow’s invasion of...

EU, G7 and Australia reach deal on price caps for Russian fuel

04 Feb 2023

European Union member states, the Group of Seven industrialized countries and Australia said on Friday that they have reached an agreement on price caps for Russian petroleum products. The move...

Major oil-producing countries agree to continue output levels

04 Dec 2022

Major oil-producing countries led by Saudi Arabia and Russia agreed on Sunday to maintain their current output levels in a climate of uncertainty and ahead of fresh sanctions against...

UAE and Iraq firms sign fuel oil transport, storage agreement

03 Oct 2022

AD Ports Group’s SAFEEN Group and Amaan Baghdad Company have signed an agreement to support a new project relating to fuel oil transport and storage from Khor Al Zubair and...

India’s BPCL signs contract with Petrobras to diversify oil sourcing

24 Sep 2022

India’s state-run Bharat Petroleum Corp said it had signed a preliminary agreement with Brazil’s national oil company Petrobras to help it diversify its crude oil sourcing. Indian state refiners rarely...

G7 finance ministers vow to impose cap on Russian oil price urgently

02 Sep 2022

G7 industrialised powers vowed on Friday to move urgently towards implementing a price cap on Russian oil imports in a bid to cut off a major source of funding...

Opec+ oil production boost to be slower than earlier months

03 Aug 2022

The Opec and its allies decided on Wednesday to boost production in September by a much slower pace than in previous months at a time of high gasoline prices and...

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