STORY: When asked about a $60 per barrel cap imposed by the Group of Seven states and the European Union on Russian seaborne oil over Russia’s war in Ukraine, he said: “Up until now we actually haven’t received nor are we getting any oil from Russia.”
“As far as discounted rates, no one is giving discounted rates for oil these days,” Bhutto-Zardari told reporters at the United Nations. “That’s not a reality. It is true that we’re actively pursuing ways and means to address the energy shortfalls and difficulties we’re facing in Pakistan.”
Pakistan’s State Minister for Petroleum Musaddiq Malik said last week that Russia would sell crude oil to Pakistan at a discounted price, days after he led a government team to Moscow to negotiate the deal. Russia will also supply discounted petrol and diesel to Pakistan, he said.
Malik did not specify the price of the Russian oil or say whether the imports would comply with the price cap. Moscow has said it will not sell to countries that comply with the cap.
Finance Minister Ishaq Dar said on Tuesday (December 13) that he had agreed with U.S. officials when they told him in October that Pakistan should not purchase Russian oil above the price cap.
“Europe relied on oil from Russia, not Pakistan; Europe, relied on gas from Russia, not Pakistan. The places … where we used to buy our resources from, now the Europeans and the Western world are going to them and crowding out that market for us,” Bhutto-Zardari said.
Pakistan has historically imported most of its oil and gas products from the Middle East.
“It’s an incredibly difficult situation,” said Bhutto-Zardari.
Credit: Yahoo News