MM Report
ISLAMABAD, Mar 7: Russian crude oil will be supplied to Pakistan during the ongoing crisis in the Strait of Hormuz, with 733,000 barrels expected to arrive soon at Port Qasim, Russian media reported.
Experts cited by Russian outlets, including Dr Mamooda Salame, a global energy analyst, said Pakistan has traditionally relied on Saudi Arabia and the United Arab Emirates for its oil supply, but the country has previously purchased Russian crude as well.
According to the Pakistan Business Council, every 10% rise in global oil prices increases Pakistan’s current account deficit by $1.5–2 billion. Analysts warn that if international oil prices reach $100 per barrel, the country’s annual deficit could surge to $5–7 billion.
The development highlights Pakistan’s efforts to diversify oil sources to maintain energy security amid geopolitical disruptions in the Middle East.
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