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Home News Business

The US asks Pakistan to follow the price limit set by the G7 for Russian oil

News Editor by News Editor
18 March, 2023
in Business, International, Pakistan
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Webdesk: State Department Assistant Secretary for Bureau of Energy Resources Geoffrey Pyatt reaffirmed the “Green Alliance” framework’s bilateral energy cooperation in an exclusive interview. American diplomacy supported the Turkmenistan-Afghanistan-Pakistan-India (Tapi) pipeline and Central Asia-South Asia (Casa) projects.

Pyatt and a multi-agency delegation visited Pakistan to demonstrate the US’s solid alliance and reflect on the crucial transitional period.

He argued the Tapi and Casa projects were part of American diplomacy to connect regions.

Afterward, Pyatt said the US backed regional connectivity. “We saw the benefits of energy security and the benefit for Central Asian countries as they can diversify energy resource exports,” he said.

He remarked, “This does not mean we are giving up the vision of regional connectivity.”

Moreover, Pyatt discussed two global energy shifts in the interview. He said Russia, the greatest oil and gas explorer, has weaponized oil and gas against Europe.

The Ukraine crisis raised petrol prices last year, he said. He claimed that Putin “weaponized petrol supplies” against Europe before February, causing prices to rise.

“This has significant implications for every country where energy is important,” including Pakistan, he said.

“Gazprom’s actions victimised Pakistan, Bangladesh, India, and other developing countries,” he stated.

Pak-Russia Oil Trade deal

Pyatt anticipated Pakistan will negotiate with Russia for crude oil delivery “as hard as it can” to get the best price.

“This is a buyer’s market for Russian crude oil, it is a good time for Pakistan to get the best price that they possibly can,” he added

“Firstly, the objective is to reduce the resources that Russia gets from its oil and petrol, which were going directly to fund the war; and secondly, to avoid further disruption of supplies in the international market,” he stated.

“The policy empowers countries like Pakistan or India, who are still doing business with Russia. To hopefully make their position stronger in negotiations to get the best price.”

Moreover, Pyatt said Islamabad and Washington conducted a formal energy dialogue at the Pakistani Ministry of Electricity.

“We focus on how we can work together to accelerate Pakistan’s energy transition to support the Pakistani government,” Pyatt

Pyatt added, “Expanding energy access in a developing country like Pakistan is one of the interesting aspects of this energy revolution. It offers solutions for microgrids, off-grids, and rooftop solar energy systems.

He saw “real opportunity” for Pakistan. We prioritise private-sector partnerships. So, I visited Lahore to meet with business leaders to assess the situation.”


Tags: Crude OilEnergyEnergy DepartmentOilOil conflictOil pricesOil TradePakistanRussiaUnited States of AmericaUSA
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