OPEC+, which groups the cartel with Russia and other producers, is struggling to hit a monthly output increase target of 400,000 barrels per day (bpd). U.S. crude and gasoline stocks rose while distillate inventories fell last week, according to market sources citing American Petroleum Institute figures on Wednesday. Crude stocks rose by 1.4 million barrels for the week ended Jan. 14. Gasoline inventories rose by 3.5 million barrels while distillate stocks fell by 1.2 million barrels, according to the sources, who spoke on condition of anonymity.

Pakistan’s imports are sautéed in palm oil, weighed in gold

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Pakistan Bureau of Statics (PBS) has released the import data for the first five months of fiscal year 2022. It shows that Pakistan imported palm oil worth $1.52 billion, and gold worth $8.8m.

The total imports stood at $33.01 billion, 69.57% more than the same period in 2020.

The bulk of import bill was due to the import of petroleum products which amounted to $8.9 billion, followed by machinery $4.8 billion, and food items worth $4.01 billion.

Oil imports more than doubled, an increase of 112%. Car imports increased by 150%, and the country spent US$81 million on imported cars.

During the same period, Pakistan’s exports were US$12.36 billion, and the trade deficit was US$20.64 billion.

Among them, Pakistan imported wheat valued at 34 million U.S. dollars, tea valued at 24.34 million U.S. dollars, and spices valued at 10.71 million U.S. dollars.

Other imports include mobile phones worth US$85.67 million and steel worth US$1.25 billion.

The PSB earlier released only the trade deficit data, showing that the trade deficit in November 2021 stood at $5.10 billion. This is the highest trade deficit recorded in a single month.

Now, it has provided the break down of the imports.

The data for exports showed that exports have grown by 27% in the first five months of current fiscal year (July-November).

This data was also tweeted by the Adviser to Prime Minister of Pakistan for Commerce and Investment Abdul Razak Dawood. 

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