Pakistan Secures Sept Fuel, Eyes US Crude via VLCC Amid Mideast Conflict

Federal Minister for Petroleum Ali Pervaiz Malik confirmed Pakistan's fuel security for September and October, with plans underway for November amidst persistent regional conflict and Strait of Hormuz disruptions. The nation is exploring diverse crude sources including Oman, Fujairah, Libya, US, Western Africa/Nigeria, and Kazakhstan, specifically eyeing US crude via Very Large Crude Carriers (VLCCs) to be parked near Hub for ship-to-ship transfers. This proactive strategy addresses significant oil disruptions and surging crude prices caused by the ongoing war involving Iran and the US, which severely impacts Pakistan's economy. Sustained high crude import costs could pressure the Pakistani Rupee, potentially making gold more expensive in local terms.

بحوالہ / Source: www.brecorder.com