ISLAMABAD: A delegation of Pakistan government today left for Moscow to buy Russian oil as prices of crude oil have crashed in the international market.
On Monday morning Brent crude fell to $81 per barrel while US oil has dropped to $74 a barrel. However, OPEC crude oil is fluctuating around $85 per barrel _ far below the record high level of $126/barrel a couple of months ago.
Federal Minister for Energy Division Musaddaq Malik is heading the Pakistani delegation which left for Moscow today to negotiate a deal to buy Russian oil.
Interesting to note is that Russia is selling its oil $30 per barrel less than the rate of Brent crude in the international market. On Monday (Nov 28), Brent crude was trading at $81/barrel and Russia will be offering its crude oil for $51 per barrel _ almost at throw away price after the western countries slapped sanctions on Russian oil.
If Pakistan succeeds in buying Russian oil at less than $60 per barrel, including the cost of freight _ the government will not only be saving a huge amount of foreign exchange but also be in a position to give relief to masses by slashing domestic oil and electricity prices.
