After OPEC indication of 20% drop in crude oil production

crude oil production

HYDERABAD: President Hyderabad Chamber of Commerce and Industry Adeel Siddiqui has said that OPEC has indicated a drop in 20pc production of crude oil which means that oil rate may shoot upto $100 per barrel from current rate of $85 to have a negative implication on Pakistani economy. 

In a statement issued here Thursday he said that a rate of $125 per barrel had impacted world’s economy severely. He said that recession in economy of international market might lead to decrease in crude oil production and added that US was facing 40 years worst price hike.

He added that Pakistan government should enhance its crude oil reserves. He added that Pakistan would have to buy expensive oil to meet its demand and this would not augur well for our economy. 

He maintained that Pakistan should rely more on solar, biogas and coal based energy and added that a comprehensive policy could transform energy sector into solar specific power sector. He said that levy of 17 pc tax on domestic solar panel defies logic and such policies had darken the future of 10,000MW solar energy production. 

He added that government should prefer domestic manufacturing over imports and added that solar panel parts’ imports from China proved costly due to taxes whilst complete panel’s import was cheap. 

He informed that government should introduce comprehensive 10 year solar energy promotion policy adding that $20bn were spent on solar energy import and had this amount been spent on interest free loan domestically entire country would have been solarized. He said it could save $10bn on oil Import as well and common man could get free energy. 

He said this could be done through policy shift. He added that Pakistan should manufacture and import solar technology parts at massive scale. He observed Pakistan could earn foreign exchange by exporting solar panels and only incentive based policy was needed considering the fact that by 2050 world’s 50pc energy would be obtained through solar.  

He said China has the largest 70pc share in solar energy in the world. He said India was struggling to capitalize on solar energy apart from US and Japan but Pakistan lacks a clear policy.

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