Experts say the decline in oil prices is positive for power, cement, oil marketing, auto, steel and refining sectors while it is neutral for textile and insurance industries. PHOTO: FILE ISLAMABAD: Pakistan should take advantage of the ongoing tussle between Saudi Arabia and Russia, which caused the oil price crash a couple of days ago, and strike deals for import of the commodity at discounted prices in order to ease pressure on the foreign exchange reserves. Pakistan also had the option of securing ‘forward buying’ contracts with oil suppliers to benefit from the plunge in crude prices, said industry sources, adding that it depended on how long the current oil market trend continued. Oil prices tanked around 30% on Monday as Asian markets opened with a massive loss. Main crude benchmarks – Brent and WTI – traded below $33 per barrel amid fears of an all-out price war due to the collapse of an output cut deal between Russia and the Organisation of the Petroleum Exporting Countries (OPEC). Arab Light crude fell 34.1% to $33.7 per barrel when trading began due to Saudi Arabia’s decision to drastically increase its supply with a significant discount for April. Worst slump in oil –… Read full this story
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