After COVID-19, countries of the whole world have suffered the loss of life and money. After the first wave of COVID-19, countries around the world imposed strict restrictions on people going out, after which transport, flights, and businesses around the world were stopped. Due to the shutdown of transport, the consumption of oil has also decreased to a considerable extent, and the price of oil has come down.
After the COVID-19 subsided, people started moving out of the cities to the suburbs as transport resumed around the world and suddenly oil prices skyrocketed. There are various reasons for the rapid increase in oil prices in the world. Among them, one of the reasons is that after COVID-19, transport was restored in the world, and the second reason is that the United States has imposed restrictions on the imports of oil-producing countries like Russia, Iran, and Venezuela. Russia is the world’s third-largest oil-producing country, which supplies oil to around 40 to 50 percent of the world’s countries.
During the war between Russia and Ukraine, many countries in America and Europe boycotted the purchase of oil from Russia and imposed restrictions on it. Following that, Russian oil imports into the international market ceased. This is why the demand for oil has increased globally. Economically, when the demand for something increases, its price also increases. This is the reason why oil prices are increasing day by day in different countries around the world. In addition, Iran is the world’s seventh oil-producing country, which has also been banned from buying oil by the government of former US President Donald Trump since 2018. due to which oil prices in the world have increased.
In the 1960s, Venezuela became the third largest oil producer in the world, after the United States and the Soviet Union, and the first in North Africa, producing 3,410,921 barrels of oil per day. At that time, he was exporting oil to almost 50% of European countries. After 2011, government crises started in that country, due to which the country was divided into two governments. After 2019, all the companies and institutions investing in that country have left it, which has reduced the production of oil in that country.
In addition, this country does not have its own equipment, nor its own machinery, nor does it have any technology with which it can produce oil. While in the country of Venezuela, President John has the support of the United States and European countries because he is ruling on the instructions of the United States, which means the United States has placed a kind hand on him. This is also the reason why global oil prices are increasing day by day. In addition, many countries around the world are increasing oil prices to meet the demand of the International Monetary Fund (IMF). which includes our country, so it can also be the reason for increasing oil prices. One of the reasons for the rise in global oil prices is that, according to the report, the number of registered vehicles in Pakistan is updated every year, reaching an all-time high of 6,628,063 after December 2021.
Thus, Pakistan consumes approximately 55 million barrels of oil per day, which ranks 33rd in the world. In addition to this, the oil mafia has complete control over the oil companies at the global level, which, in order to fulfil their interests, puts severe pressure on the governments and increases the prices of petroleum under the guise of different governments.
Therefore, the public should also take some such measures with their own help, which will save them additional expenses and also give a strong answer to the extortionists. It is seen that the cheapest and best option in this era of inflation is to use a bicycle, which will not only save money but also improve health. In this way, by using a bicycle, pollution will end in society and people will also get relief from diseases like asthma because no kind of smoke is produced by its use.
ASLAM PARVEZ MAGSI,
Sindh.