Was aghast at seeing Faisal Raza Abidi’s (FRA) recent video on oil futures. This guy has really lost it.
FRA was advocating that Imran Niazi buys as much oil as he can at these record low rates as it would benefit Pakistan’s economy and provide relief to the masses. Who desperately need it.
In a vacuum where other realities don’t exist, this sounds tempting. Of course, FRA is clueless about Finance and logistics.
Pakistan simply has neither the refining or storage capacity to handle the preposterous volumes that were being suggested by FRA. Oil prices have collapsed primarily because of logistics.
With global demand crashing, countries simply do not need to purchase more stocks of oil as their current stocks are sufficient for a longer time due to record low prices.
If it was as simple as FRA is suggesting then scores of non-oil producing countries would be lining up to do the same thing which would have caused current prices and future contract prices to rise.
It is sad to see FRA loosing it and the process has been long and painful. FRA was given multiple opportunities by the PPP in the late 2000s and early 2010s. He narrowly lost his election as an MNA in the 2008 elections where PML Q and MQM were able to rig many seats to their advantage.
He was still appointed as a Senator by the PPP and used to passionately defend the party’s stand against Takfiri terrorism. FRA was able to expose the corrupt Chief Justice Iftikhar Chaudhry and the Supreme Court’s judicial bias.
It was around this time that he was turned and defected to the security establishment. He betrayed PPP and started misrepresenting his own earlier work. Those of us (like yours truly) who admired his activism against obscurantists were slow to detect this.
By 2013, Faisal (like many others) betrayed PPP.
His narrative had lost all coherence and he is now reduced to another lap dog of the establishment.