Reports from Russian media say that around 733,000 barrels of Russian crude oil will soon be supplied to Pakistan. The shipment is expected to arrive at the country’s key port facility, Port Qasim.
According to the reports, the supply could reach Pakistan despite rising tensions in the Strait of Hormuz, which is one of the world’s most important oil shipping routes. The situation in the region has created uncertainty in global energy markets.
Russian media quoted global energy expert Dr Mamdouh Salameh, who said Pakistan is following a policy of importing crude oil from multiple countries to meet its growing energy needs.
For many years, Pakistan mainly depended on oil imports from Saudi Arabia and the United Arab Emirates. However, in recent years the country has started taking steps to purchase crude oil from Russia as well.
Read more: Iran war success confirmed by CNN as US radar, defence systems destroyed
Experts say global oil prices have a strong impact on Pakistan’s economy. Every 10 percent increase in international oil prices can raise Pakistan’s current account deficit by about $1.5 billion to $2 billion.
They warn that if global oil prices reach $100 per barrel, Pakistan’s annual deficit could increase by around $5 billion to $7 billion.
Economists believe that importing Russian crude oil could provide Pakistan with an alternative energy source and may help reduce some of the country’s import costs.
Pakistan is trying to reduce its dependence on a few oil suppliers. Buying oil from Russia can give the country more options. It may also help control energy costs if global prices rise further.
