Putin, Saudi Prince hail ties after oil-supply deal extended

Muhammad Irfan 09:09 PM | 30 May, 2017

MOSCOW - Russian President Vladimir Putin has met Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman in Moscow. It's the first meeting since the world’s two largest oil producers agreed last week to extend a deal to cut production.

This is very significant and “our coordinated actions helped stabilize the situation on the world hydrocarbons market,” Putin said Tuesday at the Kremlin meeting.

“We’re grateful for your initiative to work together on joint actions between OPEC countries and non-members,” added the Russian President.

Putin said that after a lull in business between the two, this year trade between Russia and Saudi Arabia had grown 130 percent.

The Organization of the Petroleum Exporting Countries (OPEC) and other oil producers lead by Russia, agreed last week to cut oil production until the end of the first quarter of 2018, nine months longer than originally planned.

However, crude prices have been sliding since the deal was reached as investors were disappointed the meeting did not produce deeper cuts.

Oil prices were significantly down on Tuesday, with Brent crude trading nearly a dollar lower at $51.29 per barrel. US West Texas Intermediate (WTI) was down 63 cents at $49.17.

Muhammad Irfan

The writer is a staff member. He has been affiliated with Pakistan's leading English newspapers and worked as News Producer at FM 107.4. Death (as...he believes...life is a station, and death is a longest journey from seen to ...

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Forex

ISLAMABAD – Pakistani rupee finally ended its losing streak against US dollar on Tuesday, gaining Rs4.43 after massive depreciation over the last week.

During the intra-day trading, the rupee was hovering at 266.75 with an appreciation of around 1.07 percent as talks between Pakistan and IMF underway for a stalled bailout programme.

Earlier on Monday, the rupee plunged by Rs7 and the greenback touched all-time high of Rs272. Last week, the local currency dropped by Rs24.54 in the interbank market – the largest single-day depreciation in more than two decades.

Finance experts linked the rupee’s recovery to exporters offloading some of their proceeds as remittances and export continued days after dollar cap was removed.

The country of over 220 million is facing a worst economic crisis with the forex reserved held by the country’s central bank remaining at critical $3.68 billion which were not enough to cover a month's import.

https://en.dailypakistan.com.pk/30-Jan-2023/gold-continues-to-shine-hits-all-time-high-of-rs210-500-in-pakistan

Gold & Silver Rate

KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs205,900 on Tuesday. The price of 10 grams of 24k gold was recorded at Rs176,530.

Likewise, 10 grams of 22k gold were being traded for Rs162,500 while a single tola of 22-karat gold was being sold at Rs 182,100.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

City	Gold	Silver
Lahore	PKR 205,900	PKR 2,370
Karachi	PKR 205,900	PKR 2,370
Islamabad	PKR 205,900	PKR 2,370
Peshawar	PKR 205,900	PKR 2,370
Quetta	PKR 205,900	PKR 2,370
Sialkot	PKR 205,900	PKR 2,370
Attock	PKR 205,900	PKR 2,370
Gujranwala	PKR 205,900	PKR 2,370
Jehlum	PKR 205,900	PKR 2,370
Multan	PKR 205,900	PKR 2,370
Bahawalpur	PKR 205,900	PKR 2,370
Gujrat	PKR 205,900	PKR 2,370
Nawabshah	PKR 205,900	PKR 2,370
Chakwal	PKR 205,900	PKR 2,370
Hyderabad	PKR 205,900	PKR 2,370
Nowshehra	PKR 205,900	PKR 2,370
Sargodha	PKR 205,900	PKR 2,370
Faisalabad	PKR 205,900	PKR 2,370
Mirpur	PKR 205,900	PKR 2,370