Islamabad: On the cues of India, Pakistan has also expressed its desire to buy crude oil from Russia at cheaper prices. However, Russia has refused to give any kind of discount to Pakistan. At the same time, he also said that he does not have oil stock to give. Actually, India imports crude oil from Russia at cheap prices. In view of this, Pakistan also contacted Russia. Pakistan had asked Russia to provide crude oil to it at a discount of 30-40 percent, but Russia refused it.
A delegation of Pakistan's Minister of State for Petroleum Musadiq Malik, Joint Secretary, and officials of the Pakistani Embassy in Moscow met the Russian officials. The talks ended without any conclusion. Russia said that it will consider Pakistan's demands in this matter and inform it. At the same time, the European Union failed to make an agreement with its eastern bloc members in a meeting convened to determine the highest rate of Russian crude oil. Several countries such as Poland, Estonia, Latvia, and Lithuania said the proposed $60-$70 per barrel for Russian crude oil was too high and much higher than the rate currently being sold by Russia.
Crude oil is an important factor in Russia's revenue. India and China are among its biggest and most important buyers, which are getting crude oil from Russia at half the price. Russia's major Ural crude oil traded at a huge discount of $33.28, or about 40 percent of international Brent crude, at the end of last week. Earlier, India was never a big buyer of Russian crude oil, importing 80 percent to satisfy its requirements. India used to import only 2 to 5% of its crude oil from Russia. India imported only 12 million barrels of Russian crude oil in 2021.
However, May 2022 saw a significant increase in Russian oil imports to India. According to the report, before Russia's attack on Ukraine, India spent $5.1 billion on Russian oil, gas, and coal, which was five times the value a year ago.
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