WTI price in New York touched $147 per bbl. Average basket of Arab Gulf Crudes also crossed $140 per bbl. I don’t have access to full Pakistan import data. As a rough guess Pakistan crude imports are approximately 10-milion tons per year. In addition Pakistan imports about 4-million tons distillates and 5-milion tons of fuel oil (Furnace oil in Pakistan). During July 2007-June 2008 period average price of AG crudes was above $100-bbl. Freight to Pakistan from the AG is about $1-bbl.
On this basis bill of crude imports would be 101 x 7.35 X 10 = $ 7. 50 billion
For gas oil (diesel) 108 X 7.745 X 4 = $ 3.20 billion
For fuel oil 600 X 6 = $ 3.6 billion
Crude oil prices is quoted in barrels approx 7.35 bbls/metric ton for 34 API crude
Gas oil price is also quoted in bbls approx 7.45 bbls/MT
Fuel oil price is quote in metric tons.
Total import bill was therefore close $ 14- billion. Compare this to the same period 2003-004, crude price was $30 per bbl, fuel oil was $200 per ton and gas oil was $55 per bbl. The bill was close $4-billion.
Due to copy rights I cannot send you a copy of the Crude oil Market wire. For your info I am copying part of the crude prices form Dec 11, 2008 Market wire and Dec 2, 2008 Market Scan. Prices for Pakistan are a premium to the prices quoted therein. The premiums reflect freight costs and profit of the Seller. Don’t try to understand it completely, just look at the numbers. Some numbers are in barrels and some in tons. This is publication for the oil industry thus no explanation is required. The people for whom this meant understand it.
Platts Americas Crude Oil Assessments- 11Dec08
New York (Platts)--11Dec08/0508 pm EST/ 2208 GMT
Differentials versus Platts 1st month cash WTI assessment:
WTI Midland -0.96/-0.94 Wyo Sweet -12.78/-12.72
WTS (1st month) -3.53/-3.47 LLS (1st month) 2.47/2.53
WTS (2nd month) -4.52/-4.48 LLS (2nd month) 1.68/1.72
Eugene Island -1.38/-1.32 HLS (1st month) 0.30/0.35
Bonito -1.63/-1.57 HLS (2nd month) -0.10/-0.05
Mars/WTI (JAN) -2.61/-2.59 ANS (Calif.)** -5.33/-5.31
Mars/WTI (FEB) -4.11/-4.09 Basrah Light* -6.22/-6.18
Mars/WTI (MAR) -4.71/-4.69 SGC -3.75/-3.70
Poseidon -2.63/-2.57
Platts Crude Oil Assessments - 11Dec08
London (Platts)--11Dec08/0200 pm EST/ 1900 GMT
BrentJAN +45.47-45.51+ Dubai(FEB) +39.92-39.94+
BrentFEB +47.84-47.86+ Dubai(MAR) +40.89-40.91+
BrentMAR +49.99-50.03+ Dubai(APR) +42.26-42.28+
Brent(Dtd) +43.77-43.79+ MEC (FEB) +39.92-39.94+
DTD NSL +43.77-43.79+ MEC (MAR) +40.89-40.91+
NS Dtd Strip +44.82-44.84+ MEC (APR) +42.26-42.28+
NS Basket +44.59-44.63+ Brent/Dubai -4.28- 4.30-
BNB +44.56-44.60+ Upper Zakum(FEB)+40.16-40.20+
Forties +43.76-43.80+ Oman(FEB) +40.39-40.41+
Ekofisk +44.71-44.75+ Oman(MAR) +41.58-41.60+
Statfjord +45.71-45.75+ Oman(APR) +42.97-42.99+
Oseberg +45.31-45.35+ Oman(FEB) MOG +-0.45--0.41+
Flotta +42.96-43.00+ Oman(MAR) MOG 0.03- 0.07
Sulfur De-escalator: 0.40 Oman(APR) MOG 0.03- 0.07
440--Platts Crude Oil Assessments - Asian Close - 11Dec08
Singapore (Platts)--11Dec2008/514 am EST/1014 GMT
--------------Assessment---Mid-Point--Change----Prem./Disc.----Spread vs OSP
Murban +42.36-42.40+ 42.380 0.28 -0.35--0.25
Lower Zakum +40.21-40.25+ 40.230 0.28 -0.30--0.20
Umm Shaif +40.41-40.45+ 40.430 0.28 -0.30--0.20
Upper Zakum +40.16-40.20+ 40.180 0.58 -0.30--0.20
Qatar Land +39.92-39.96+ 39.940 0.34 -0.40--0.30
Qatar Marine +40.42-40.46+ 40.440 0.34 -0.40--0.30
Ras Gas +41.95-41.99+ 41.970 0.28 -0.75--0.65
Al-Shaheen +38.95-38.99+ 38.970 0.28 -3.55--3.45
Banoco AM +39.26-39.30+ 39.280 0.31
0.40—
43--Platts AG/Japan Products Assessments - 02Dec08
Singapore (Platts)--02Dec08/0553 am EST/ 1053 GMT
FOB Arab Gulf Premium/Discount* C+F Japan
Mogas UNL -41.35-41.39-
Mogas 95 RON unl -37.15-37.19- +3.81/3.85+ -42.33-42.37-
+4.94/4.98+ **
Naphtha LR2 -251.70-252.20-
Naphtha -242.88-243.38- 1.50/2.50 -282.75-283.25-
Naphtha MOPJ Strip -16.50/-15.50 *** 298.75-299.25
Nph 2nd 1/2 Jan -284.75-285.25-
Nph 1st 1/2 Feb -282.75-283.25-
Nph 2nd 1/2 Feb -282.75-283.25-
* = Premium/Discount to MOP Arab Gulf >
** = Premium/Discount on C+F Middle East basis
***= Premium/Discount on MOPJ Strip
(Singapore Products: p6, 42//freight netback: p332) Cont'd p449
10:53 02DEC08 PLATT'S UK70644 PGA449
449--Platts AG/Japan Products Assessments - 02Dec08
Singapore (Platts)--02Dec08/0553 am EST/ 1053 GMT
FOB Arab Gulf Premium/Discount* C+F Japan
Kero -58.41-58.45- 2.63/2.67 -63.37-63.41-
Kero LR2 -59.07-59.11-
Gasoil 0.05% S -59.48-59.52- 5.78/5.82
Gasoil 0.25% S -56.88-56.92- 3.18/3.22
Gasoil -56.28-56.32- 2.58/2.62 -65.22-65.26- ***
Gasoil LR2 -56.99-57.03-
HSFO 180 CST -207.25-207.29- 4.98/5.02 -238.90-238.94-
HSFO 380 CST -201.60-201.64- 4.98/5.02
HSFO 180/380 Spread -5.67--5.63 ** 0.30