Karachi, February 13, 2023 (PPI-OT): Pakistan Oil and Gas: Oil gains strength, RLNG sinks to 12 month lows

Crude oil prices have gained over the past week, with Brent futures increasing by 8%WoW to US$86.4/bbl on Friday.

To note, Russia had opted to reduce its output by ~526k bpd in Oct’22, as a part of the cut suggested by the OPEC+ group, however was surpassing the revised levels.

European natural gas prices have continued to decline amid weather forecasts of an end to the current cold spell alongside a possible restart of the US Freeport LNG terminal, a key supplier to the European market, after it was shut down back in June’22 due to fire/explosion.

In this backdrop, six cargoes from PSO’s long-term G2G arrangement with QatarGas continue to power through at Brent slope 13.37%, while three additional cargoes at 10.2% slope resulted in average price to stand at US$10.96/mmbtu for Jan’23.