KARACHI – Pakistan has received its second shipment of Russian crude oil under the historic agreement signed between the two sides.
The second shipment of Russian oil comes in ship, named ‘Clyde Noble,’ which carries 55,000 metric tonnes of crude oil.
The succeeding shipment follows the arrival and processing of maiden shipment of 45,000 metric tonnes of oil, which continued before mid-June.
Pakistan has made its first order for discounted Russian crude oil and a shipment is scheduled to arrive at Karachi port in May. In addition China and India, Russia now has a new market for its crude which allows Moscow to divert volume from western markets where its oil has been prohibited following the crisis in Ukraine.
Discounted crude provides Pakistan, which is already struggling financially due to a balance of payments problem and dangerously low foreign exchange reserves, with much-needed relief. The vast majority of the country’s foreign payments are made for energy imports.
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.
Earlier, Minister of State for Petroleum Musadik Malik said import of discounted crude oil will help government to provide relief to masses amid inflation.
