Poor Pakistan is now getting impatient with Russia and wants to buy cheap oil like India

Like India, Pakistan wants to buy cheap crude oil from Russia and for this, it is getting impatient. Know the full news-

Image Source: FILE PHOTO Pakistan wants to buy cheap crude oil from Russia

Pakistan: Pakistan, which is facing a severe economic crisis, wants to buy cheap crude oil from Russia like India. Pakistan is constantly trying to buy crude oil from Russia at the rate of $50 per barrel. The price at which Pakistan wants to buy crude oil from Russia is $10 per barrel less than the ceiling fixed by the G-7 countries due to the Ukraine-Russia war. In some news published on Sunday, it was informed that Pakistan is trying to buy crude oil.

Pakistan is eager to buy oil from Russia
Please tell us that crude oil is currently being sold worldwide at the rate of $ 82.78 per barrel. Pakistan, which is facing the crisis of heavy debt and a weak currency, is getting eager to buy crude oil from Russia at concessional rates. According to the newspaper ‘The News’, Russia will respond to Pakistan’s request to buy crude oil at subsidized rates only until Pakistan completes all formalities related to mode of payment, premium and insurance along with transportation rates. After this, the first consignment of crude oil from Russia can reach Pakistan by the end of next month.

Russia will give a ship of oil to Pakistan
According to the report, Russia can make a bigger deal with Pakistan after this. The report said that it would take 30 days for the crude oil to reach the Russian ports. In such a situation, due to the transportation cost, the price of crude oil will increase by 10-15 dollars per barrel. According to the newspaper The Express Tribune, Russia was earlier concerned about Pakistan’s position regarding the signing of the oil purchase agreement, but after a recent meeting of officials of the two countries, Moscow agreed to initially send a shipment of oil to Islamabad. Have expressed

According to the released report, since there is a US dollar crisis in Pakistan, it will pay Russia for oil in the currencies of friendly countries – China, Saudi Arabia and the United Arab Emirates (UAE). Explain that earlier in December last year, Russia had rejected Pakistan’s request to give crude oil at a 30 per cent concession.

Oil prices are determined by a variety of factors, including supply and demand dynamics, geopolitical tensions, and production decisions made by major oil-producing countries. While oil prices can fluctuate over time, they are generally influenced by global economic growth, which affects the demand for oil, and the level of oil production by major oil-producing countries such as Russia, Saudi Arabia, and the United States.

Pakistan, like other countries, can purchase oil from a variety of sources, including oil-producing countries like Russia and oil refineries around the world. However, the price of oil is subject to market conditions, and different countries may be able to negotiate different prices based on their relationships with oil-producing countries, the volume of oil they purchase, and other factors.

1. Weather conditions: Extreme weather conditions such as hurricanes or droughts can disrupt oil production, transport, and refining, which can lead to a temporary increase in oil prices.
2. Geopolitical tensions: Political instability or conflicts in major oil-producing countries can lead to disruptions in oil supply and increase prices.
3. Exchange rates: Since oil is priced in US dollars, fluctuations in exchange rates can affect the cost of importing or exporting oil.
4. Technological developments: Advances in technology such as fracking and shale oil production have increased the global oil supply, which has put downward pressure on oil prices in recent years.

A few additional points on the oil market:

1. OPEC: The Organization of the Petroleum Exporting Countries (OPEC) is a group of 13 major oil-producing countries, including Saudi Arabia, Iran, and Iraq. OPEC has a significant influence on global oil prices as it controls a large share of the world’s oil supply. OPEC members often agree to production cuts or increases to regulate the supply of oil and stabilize prices.
2. Environmental regulations: Increasing global concerns over climate change and air pollution have led to stricter environmental regulations on oil production and consumption. These regulations can impact oil prices by increasing the cost of production or decreasing the demand for oil.
3. Energy alternatives: As the world shifts towards cleaner sources of energy, such as renewables and natural gas, the demand for oil may decrease over time. This trend can also impact oil prices as it reduces the overall demand for oil.
4. Stockpiles: The level of oil stockpiles in countries around the world can impact oil prices. High levels of stockpiles can indicate oversupply, leading to lower prices, while low levels of stockpiles can signal a potential shortage, leading to higher prices.
5. Economic growth: Global economic growth is a major driver of oil demand. As economies grow, there is typically an increase in the demand for energy, including oil. On the other hand, economic recessions can lead to a decrease in oil demand, which can lower prices.
6. Speculation: The oil market is also impacted by speculation, which refers to the buying and selling of oil contracts based on expectations of future prices. Speculation can drive prices up or down, depending on the prevailing sentiment in the market.
7. Transport costs: The cost of transporting oil from producing countries to consuming countries can also impact prices. Longer transport routes or geopolitical tensions can lead to higher transport costs, which can be reflected in the final price of oil.
8. Natural disasters: Natural disasters such as earthquakes or tsunamis can disrupt oil production, transport, and refining, which can lead to a temporary increase in oil prices.
9. Government policies: Government policies such as taxes, subsidies, and trade agreements can also impact the oil market. For example, taxes on gasoline can decrease demand for oil, while subsidies for renewable energy sources can decrease demand for oil and impact prices.
10. Energy efficiency: As energy efficiency technologies improve, the demand for oil may decrease. This could lead to a decline in oil prices over time, as well as a shift towards alternative energy sources.
11. Competition among oil-producing countries: Competition among oil-producing countries can impact the price of oil. For example, if one country increases its production, other countries may lower their prices to maintain market share.
12. Demand from emerging economies: The demand for oil from emerging economies, such as China and India, is increasing rapidly as these countries experience economic growth. This can put upward pressure on oil prices as demand outstrips supply.
13. Technological innovations: Technological innovations, such as electric cars, could decrease the demand for oil over time. This could lead to lower oil prices, as well as a shift towards alternative energy sources.
14. Storage capacity: The amount of oil storage capacity available around the world can impact the price of oil. If there is a shortage of storage capacity, oil prices may fall as producers try to sell off their excess supply.

Overall, the oil market is complex, and many factors can impact the price of oil. Countries and businesses need to keep a close eye on market conditions and have contingency plans in place to manage any unexpected changes in the market.