The reason this country refuses to refine Russian crude oil.

Pakistan's The News International recently cited sources in the energy sector as saying that the country has temporarily suspended crude oil imports from Russia after its refining process produced more oil than gasoline.

In July, Russian crude oil prices surpassed $60 per barrel, the price ceiling imposed on this commodity by G7 countries. (Source: nhk-maritime.com)

On August 13, the newspaper, citing industry sources, confirmed that Pakistani refineries have so far refused to refine all Russian oil despite the insistence of former Secretary of State Musadik Malik.

The reason is believed to be that Russian imported oil, after refining, yields less gasoline and produces 20% more fuel oil than crude oil from Arab countries.

In fact, only two Russian crude oil tankers arrived at Karachi port on June 11 and 26, and no more Russian oil tankers have arrived in Pakistan since then.

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According to experts, only if Brent crude and Arab Light crude oil prices continue to rise while Russian oil prices do not increase will purchasing oil from Moscow be beneficial for Islamabad.

However, analysts believe that the chances of such a situation occurring are very slim.

According to the International Energy Agency (IEA), Russia is benefiting from high global oil prices. The country earned $15.3 billion from exports of crude oil and petroleum products in July 2023, an increase of nearly 20% compared to the previous month. This is the highest level in eight months.

In July, Russian crude oil prices surpassed the $60 per barrel mark, the price ceiling imposed by G7 countries on this product. The average export price by sea increased by $8.8 per barrel to $64.4 per barrel.

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However, compared to last year, revenue from oil exports is still down nearly 20%. Oil is the main source of income for the Russian budget. The country's budget is struggling due to the conflict with Ukraine and Western sanctions.

Source: https://baoquocte.vn/ly-do-quoc-gia-nay-tu-choi-tinh-che-dau-tho-cua-nga-238376.html