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.