Pakistan directs refineries to secure crude stocks amid Gulf supply concerns

Pakistan’s largest oil refiner, Cnergyico Pk Limited, stated that the government has directed refineries to order crude oil stocks in a timely manner. This directive follows reports of energy supply disruptions in the Gulf, specifically after the United Kingdom Maritime Trade Operations Center (UKMTO) reported that a crude oil tanker and two other vessels were struck by unknown projectiles in the Strait of Hormuz.

Data from the Pakistan Bureau of Statistics shows that crude oil imports rose 14 percent to 1.98 million tons during the July-August period, compared to 1.74 million tons in the previous year. The cost for these imports reached $1.24 billion, a 40 percent increase from the $887 million spent during the same period last year.

In August, crude purchases saw a 62 percent increase compared to July, reaching 1.238 million tons. Usama Qureshi, vice chairman at Cnergyico Pk Limited, noted that while the government issued directives for timely ordering, it remains unclear if a specific crude buffer is being established in response to potential supply disruptions in the Gulf.