Pakistan, which is going through a severe economic crisis, now has Russia as perhaps the only support left. After requesting help from many international institutions, now Pakistan is planning to import crude oil cheaply from Russia. Read this news…
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Inflation, cash crunch and after pleading for help from financial institutions around the world, Pakistan (Pakistan Economic Crisis) Now he is planning to save his life only with the help of Russia. Pakistan is trying to get cheap crude oil from Russia (Russian Crude Oil) Get it and its price is up to $ 50 per barrel, which will help it deal with the cash problem as well as inflation. By the way, it is worth noting that this price of crude oil has a cap of $ 60 on Russian oil. (Russian Crude Oil Price Cap) is less than $10 a barrel.
The current price of crude oil in the international market is at $82.78 per barrel. However, facing the sanctions of western countries, Russia is already selling crude oil at a huge discount. Big importing countries like India and China have also shifted a major part of their imports to Russia. In such a situation, Pakistan is also trying to buy cheap crude oil from Russia.
Drowned in debt, Pakistan is wandering from door to door
Pakistan is currently neck deep in debt. At the same time, the condition of his currency is bad. That’s why he wants crude oil from Russia at a discount. According to the news of ‘The News’, Russia is yet to approve this request of Pakistan. This will happen only when other formalities such as mode of payment, cost of freight along with premium and terms related to insurance etc. are agreed upon between the two countries.
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Earlier, Pakistan has also appealed to the International Monetary Fund and the World Bank for help. To get grant from IMF, Pakistan has also taken several measures to cut expenses and increase tax collection.
According to ‘The News’, Pakistan will first buy only one ship of crude oil from Russia, so that it can get an idea of the real cost of Russian oil. It is expected that this Russian oil will be delivered to Pakistan by the end of next month.
India and China are also buying cheap oil
Not only Pakistan, India and China are also not lagging behind in the race to buy cheap oil from Russia. Russia now accounts for more than one-third of India’s total crude oil imports. At the same time, to take advantage of the low price, Chinese refineries have also increased the import of crude oil from Russia. It can touch a new record level in March.
Due to the Russia-Ukraine war, the G7 countries have imposed a cap of $60 per barrel on the price of Russian crude oil. The facilities of shipping and insurance etc. of the European Union cannot be used for selling crude oil at a lower price than this.
However, Indian refinery companies are importing Russian oil using the UAE’s currency dirham, so that it can be found for less than $ 60 per barrel.