Pakistan has announced that it will be buying cheap Russian oil to cushion the current energy crisis that emanated due to the balance of payment crisis. Pakistan has also been unable to procure oil after the banks refused to settle letters of credit (LCs) for the import of crude and petroleum products.

Pakistan to import cheap Russian oil, deal in ‘final stages’

Saudi Arabia's Energy Minister Khalid al-Falih said on Saturday that OPEC will be responsive to the oil market's needs, but that he was not sure there is an oil shortage with data, particularly from the United States, still showing inventories building.

Oil stocks still building, but OPEC to act if needed: Saudi Arabia's Energy Minister

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