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Pakistan Starts Buying Russian Crude Oil

OIL

Pakistan is starting to import Russian crude oil and Russian crude is currently being loaded to arrive in Pakistan, Prime Minister Shehbaz Sharif said.

  • The country aims to import 100kbpd of Russian crude if the first transaction goes through smoothly, Petroleum Minister Musadik Malik said.
  • Pakistan had made its first purchase of discounted Russian crude, which is set to arrive in May, Malik added last week.
  • The discounted purchase offers much needed respite to cash-strapped Pakistan, which has been struggling to avert a balance of payments crisis as it awaits an IMF deal.
  • Pakistan Refinery Limited will initially refine the Russian crude in a trial run, followed by Pak-Arab Refinery Limited and other refineries later.
  • Pakistan imported 154kbpd of crude oil in 2022 according to Kpler data.
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