LAHORE – Russia is selling crude oil to Pakistan at a discount of up to $18 per barrel, with payments made in Chinese Yuan.
Pakistan has made its first order to acquire crude oil from Russia as a test case.
In the final week of May or the first week of June, Pakistan will get its first cargo of 100,000 tonnes of Russian crude oil. Discounts are offered up to the barrel.
According to officials, Pakistan will examine the petroleum products made from refined Russian oil. Russian officials have granted Pakistan a discount of 16 to 18 dollars per barrel in order to equal the quality and freight of Arab light oil, despite the fact that the quality of Russian oil is not particularly excellent and its transportation expenses are also considerable.
According to statistics from analytics company Kpler, Pakistan imported 154,000 barrels of oil per day in 2022, which was essentially flat from the previous year. Saudi Arabia, the biggest exporter in the world, and the United Arab Emirates provided the majority of the crude.
There may be a significant decline in Middle East suppliers to Pakistan if Russian crude production were to hit 100,000 barrels per day.
Pakistan buys its first cargo of discounted Russian crude oil
