Pakistan Weighs First-Ever U.S. Oil Imports to Reduce Trade Surplus | OilPrice.com
document.write(write_html);
}
Breaking News:
Pakistan is actively considering the idea of importing U.S. crude oil for the first time to seek a reduction of its trade surplus with America and avoid one of the highest tariffs – currently paused – on its goods sold in the United States.
Crude oil is one of the products that Pakistan is actively exploring to buy from the U.S. to appease President Donald Trump, a Pakistani government source and an executive at a local refinery told Reuters on Tuesday.
document.write(write_html);
}
Pakistan imported about 140,000 barrels per day (bpd) of crude oil last year, mostly from the major OPEC producers in the Middle East, Saudi Arabia and the United Arab Emirates (UAE).
Now, the South Asian country is weighing the possibility of buying U.S. crude for the first time ever to avoid a 29% tariff on its goods sold in America, its top trade partner. The 29% tariff on Pakistani goods was announced by President Trump on the so-called “liberation day,” but was paused for 90 days last week, as were all additional tariffs on all other countries except China.
A Pakistani delegation is heading to Washington D.C. these days to negotiate tariffs and could use a minerals deal as leverage, government officials told the BBC on Monday.
Crude oil “is one of the products being reviewed ahead of a delegation leaving for the U.S. to talk about tariffs,” the government source directly involved with the proposal to buy more U.S. crude told Reuters.
Pakistan’s idea is to buy crude oil from the United States equivalent to the value of its current imports of oil and refined products, which is estimated at around $1 billion, the refinery executive told Reuters.
Pakistan is just one of the countries looking to buy their way out of steep tariffs with deals to purchase American energy products.
South Korea, for example, is reportedly looking at more LNG imports to get Washington to drop the tariffs, while India is weighing the option to scrap its import tax on American liquefied natural gas to increase U.S. LNG imports and reduce its trade surplus with the United States.
By Tsvetana Paraskova for Oilprice.com
More Top Reads From Oilprice.com
Join the discussion | Back to homepage
document.write(write_html);
}
FACEBOOK
Twitter
GOOGLE+
LINKEDIN
REDDIT
PRINT
document.write(write_html);
}
EXXON Mobil
-0.35
Open57.81
Trading Vol.6.96M
Previous Vol.241.7B
