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Pakistan Targets Russian Oil Imports

OIL

Pakistan is working on a deal to import discounted Russian oil according to local news reports.

  • It is aiming to pay around $50/bbl according to the media reports which would keep sales below the G7 price cap.
  • Pakistan is searching for cheap energy supplies because of its debt issues, weak domestic currency and limited foreign exchange reserves which have prevented it from competing for energy imports over the last year.
  • The first consignment of crude from Russia to Pakistan is expected to arrive in the next month – paving the way for a bigger deal in the future.
  • The cargo is being viewed as a test to trial shipping and insurance options.
  • Since Pakistan is facing a US dollar liquidity crunch, it would pay Russia in the currencies of friendly countries that include China, Saudi Arabia, and UAE according to local news reports.
Energy BulletsCommodities
Energy BulletsCommodities

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