Tag: Oil

Sales of oil products drop to six-and-a-half-year low in Pakistan

Sales of petroleum products dropped to a six-and-a-half-year low at 4.42 million tons in the quarter ended September 30, 2019, as a contraction in industrial output. Moreover, this is the eighth successive quarter in which oil sales continued to fall in the country. Major decline in sales of furnace oil and high-speed diesel was also witnessed due to lack of requirement in power generation and drop in vehicle sales.

Two oil tankers hit by explosions in Gulf of Oman: US blames Iran

Two oil tankers were hit by explosions in the Gulf of Oman on Thursday. A fireball erupted on Norwegian-owned MT Front Altair after a suspected torpedo attack caused three explosions, while Japanese-owned Kokuka Courageous was hit by another explosion. Mike Pompeo have blamed Iran for the attack based on investigations carried out on unexploded mine found on the vessel.