Russia is the third largest producer of crude oil in the world and produces around 10 percent of the world’s total crude oil. Although the US and the EU have not yet put any sanctions on the Russian energy sector, it is a worrisome possibility. If they try to force sanctions on Russian oil, the global economic crisis caused by the Covid-19 pandemic will worsen. A disruption in the supply of oil will increase the cost of oil in the international market, inadvertently causing prices to go up in Pakistan also. Given that people are still struggling due to the government’s recent increase in the cost of one litre of petrol by Rs12, if the crisis deepens the country will be in a terrible flux.
Seerat Ayesha
Karachi
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