Pakistan is bracing for an oil crisis as global energy markets continue to fluctuate due to the ongoing conflict in the Middle East. According to Russian media, experts claim that Russia will supply oil to Pakistan during the crisis, with 725,000 barrels of Russian crude oil expected to arrive at the Port Qasim soon.
Dr. Momoza Salam, an expert on global energy affairs, cited by Russian media, stated that Pakistan has relied heavily on Saudi Arabia and the United Arab Emirates for its oil needs, but it has also made previous purchases of Russian crude oil. The Pakistan Business Council has also made the claim that a 10% increase in global oil prices would lead to an additional $1.5 to $2 billion in Pakistan’s current account deficit. Should oil prices rise to $100 per barrel, the annual deficit could increase to $5 to $7 billion.
During the Abqaiq-Huraybah attack, five personnel and eight civilians were injured. Fire Brigade officials confirmed that a fire brigade vehicle was dispatched to the scene. The Khyber Pakhtunkhwa government has decided to take cautious measures regarding the use of petroleum products. Sources suggest that the implementation of a hybrid learning system in schools and universities, increasing the use of public transport, and extending the operating hours of orange line, metro bus services have been recommended.
Prime Minister Shahbaz Sharif has directed the committee to present feasible proposals within the next 48 hours, ensuring that the burden on the public is minimized and prioritizing public relief. The University of Karachi has announced that online classes will commence from March 16, following the winter break.
During a meeting, the university’s vice chancellor, Dr. Taahir Ashrafi, stated that the university condemns the US and Israeli attacks on Iran. The University of Karachi has also announced that online classes will begin from March 16, following the winter break.
According to sources, the Iranian drone and missile attacks have created a security crisis in the country. The Iranian military has stated that it will not attack countries that have refused to provide airspace for a US attack on Iran. Israeli Defense Minister Benny Gantz has stated that the Lebanese government should follow their directions before carrying out further operations. The UAE’s Ministry of Defense has confirmed that its defense system has intercepted 15 ballistic missiles and 119 drones on Tuesday.
The ongoing conflict in the Middle East has led to a large-scale war in the region, forcing Emirati traders to sell gold at concessionary rates.
