The price of British crude oil fell below 87 dollars, the price of US crude oil fell to the level of 84 dollars per barrel:
New York (Urdupoint Newspaper Latest. 04 October 2023) In a few hours, the oil prices in the world market decreased further, the price of British crude oil decreased to less than 87 dollars, the price of American crude oil to the level of 84 dollars per barrel. Fell down. According to the details, the price of crude oil has decreased further during trading in the global market. According to media reports, there is a possibility that OPEC will not cut oil production any further, that is why the price of crude oil has decreased by more than two dollars per barrel in the global market.
It has been reported that the price of Brent crude oil per barrel has decreased by more than 7 dollars in 15 days. British crude oil is trading below the $87 per barrel level, while US crude oil is trading at the $84 per barrel level.
On the other hand, Pakistani Refinery Synergy Co has said that crude oil has been imported privately from Russia for the first time in the country. According to foreign media reports, Pakistan, which is suffering from financial difficulties, wants to benefit by getting oil from Moscow at discounted rates.
The report said that the South Asian country has started to buy crude oil in view of concessions by Moscow after Russia's invasion of Ukraine, which banned its exports to European markets. The first cargo imported by the government from Russia reached Pakistan in June while government-to-government negotiations for the second shipment are underway.
It is assumed that private imports will not be commercially viable because, among other things, the cargo has to be split up and transported by smaller vessels as Pakistani ports cannot handle large tankers. In response to media queries, Synergy Co used its 'single point mooring', which can handle deep draft tankers, and the crude would be refined at the southwestern hub, a company spokesperson said in response to media queries.
The spokesman said that the shipment of 100,000 tonnes of Urals crude oil is also an important milestone for the country with the company, which demonstrates the company's readiness and capability to refine various types of crude oil. Synergy is the largest in Pakistan. The refinery operates, with a daily capacity of 156,000 barrels, which is one-third of the country's total capacity of 450,000 barrels. It is the only refinery with single-point mooring capability.
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