7, 713

3139 9.11 percent

28,626

NA- 1872

The New Year will choose new leadership to key energy venues around the world including Russia, Venezuela and the United States.

According to Charles Kennedy's write-up for Oilprice.com, Russia’s Putin is all set to clinch victory in the upcoming presidential elections to be held from March 15-17, 2024.

Re-elections of Russia’s Putin in 2024 will not shock the oil market but a defeat for Putin, however, would roil markets because of the massive amount of uncertainty this would bring.

For oil, it will mean more of the current status quo of war in Ukraine and Western sanctions and price caps, which will simply become the norm.

The second most important election for the oil industry is going to be held in Venezuela in 2024.

Kennedy said Venezuelan President Nicolas Maduro cut a deal with Washington for a temporary easing of sanctions on Venezuelan oil for ‘free and fair’ elections, and that he would not attempt to thwart the opposition’s participation.

Pakistan’s consumers received a welcome surprise on Friday as the caretaker government announced a significant reduction in fuel prices, slashing the cost of petrol by Rs14 and high-speed diesel (HSD) by Rs13.50 per litre for the next fortnight.

The Ministry of Finance attributed the price revision to two key factors: the recent downward trend in international oil prices and an improvement in Pakistan's exchange rate.

Earlier, on 1st December, the government maintained the price of petrol at Rs 281.34/litre while it reduced the price of HSD by Rs 7/litre and Kerosene oil price also witnessed decrease of Rs 3.82/litre. Moreover, the government approved Rs 4.52/litre cut in the price of LDO for the first half of December, 2023.