Russian Oil Shipment Expected to Reach Pakistan Amid Strait of Hormuz Crisis: Report
Islamabad: Russian oil is expected to be supplied to Pakistan during the ongoing crisis in the Strait of Hormuz, with around 733,000 barrels of Russian crude oil likely to arrive soon at Port Qasim, according to reports in Russian media.
The report quoted global energy affairs expert Dr. Mamdouha Salameh, who said that Pakistan has long relied on oil imports from Saudi Arabia and the United Arab Emirates, though it has also previously purchased Russian crude oil.
Citing the Pakistan Business Council, the report added that every 10% increase in global oil prices raises Pakistan’s current account deficit by approximately $1.5 to $2 billion.
It further warned that if international oil prices reach $100 per barrel, Pakistan’s annual deficit could increase by $5 to $7 billion, placing additional pressure on the country’s economy.
