Crude oil prices have touched record low and fell below $75 a barrel which is a record in the last 13 months. The prices of crude oil are falling amidst worldwide economic crisis which has reduced the demand. Just a few months back oil prices were at $147 a barrel which has created pressure and resulted in high inflation in developing countries.
In Pakistan high oil prices and economic mismanagement played a havoc with economy and foreign exchange reserves almost evaporated in thin air. In six month’s time the forex reserves of the country fell from $16bn to less than $8bn. This has created a crisis like situation in the country and it is struggling to meet its debt payment obligation in the next few months.
Crude oil prices have touched record low and fell below $75 a barrel which is a record in the last 13 months. The prices of crude oil are falling amidst worldwide economic crisis which has reduced the demand. Just a few months back oil prices were at $147 a barrel which has created pressure and resulted in high inflation in developing countries.
In Pakistan high oil prices and economic mismanagement played a havoc with economy and foreign exchange reserves almost evaporated in thin air. In six month’s time the forex reserves of the country fell from $16bn to less than $8bn. This has created a crisis like situation in the country and it is struggling to meet its debt payment obligation in the next few months.
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