Monday, April 15, 2024

Here’s How much discount Pakistan is getting on Russian oil?

As a trial run, Pakistan has placed its first purchase for Russian crude oil.

Russian crude oil is being sold to Pakistan at a discount of up to $18 per barrel, with payments in Chinese Yuan.

Pakistan bought 154,000 barrels of oil per day in 2022, which was practically steady from the previous year, according to data from analytics firm Kpler. Most of the crude was supplied by Saudi Arabia, the largest supplier in the world, and the United Arab Emirates.

If Russian oil output were to reach 100,000 barrels per day, Pakistan’s Middle Eastern suppliers may see a severe decrease.

Pakistan will inspect the petroleum products manufactured from refined Russian oil, according to the officials. Despite the fact that the grade of Russian oil is not especially outstanding and its transportation costs are high, Russian officials have given Pakistan a discount of 16 to 18 dollars per barrel in order to match the quality and freight of Arab light oil.

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