Saudi Revolt: Oil prices crash amid clashes in the Royal family
Pakistan (9th Mar, 2020): Oil prices fall by an almost thirty percent due to the rising tensions in the Saudi Royal family.
According to reports of Baaghi TV, the oil prices have dropped to as low as thirty percent. This is reportedly one of the biggest single-day drop till date.
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US Crude Oil (WTI) is down by twenty-one percent, equivalent to almost ten US dollars. Moreover, a single barrel is now being priced at approximately US $32.6. Reportedly, Brent Oil prices have also fallen by nearly twenty-one percent [ten US dollars] or US $35.8 per barrel.
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Moreover, following the failure of OPEC-Russia to contain existing supply cuts, oil crashes due to the potential price war between the Kingdom of Saudi Arabia, Russia and the Organization of the Petroleum Exporting Countries [OPEC], receptively. Resulting in a positive development for the Pakistan Macros.
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According to reports, massive decline in the oil prices should greatly lower the state’s energy imports and help to reduce the current trade deficit, which makes for an approximate four to five billion US dollars, as per sources.
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Additionally, the decline in oil prices should further help to contain the rising inflation which is expected to fall to almost single digits in the succeeding months, as per sources. Furthermore, the drop may ensure that there are cuts in interest rate, reduced energy and/or leveraged cost to the state economy as well as businesses, and the industrial sector, including drastically improving indirect taxes charged by the government.
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It is to be noted, that the previous Oil Crash during the 2014-2016 fiscal years, resulted in an estimated thirteen billion US dollars profit for the Pakistani economy from the total state savings pertaining to the reduced Oil and/or Energy imports, respectively.
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Meanwhile, it is hoped that the policy-makers of state are able to correct any existing “structural issues” within the energy chain to ensure a better fiscal management followed by interest rate cuts that would eventually promote investment and encourage growth in the country on a national as well as international level.
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