How will falling oil prices impact Pakistan?

The command that oil holds over the global economy was evident in 1973, when oil producing Arab nations restricted oil sales during the Yom Kippur war, thus resulting in oil prices quadrupling. Thus, the recent oil market crash leading to a 70% decline in oil prices from $70 per barrel to $20 per barrel is a cause for concern for a few while others, like Pakistan, breathe a sigh of relief. But in order to understand the ramifications of falling oil prices it is imperative that one grasps exactly how the oil market has been functioning for the past few years. America has long wanted to reduce ...

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from Welcome to Pakistan – The Express Tribune Blog https://ift.tt/3awF9ww

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