The interim government in Pakistan has decided to increase the country’s strategic petroleum reserves due to ongoing tensions in the Middle East. They plan to establish a plan for these reserves with the help of the Oil and Gas Regulatory Authority, in collaboration with experts from around the world.
This new plan will outline the country’s needs for domestic crude oil, refined petroleum, and storage, as well as determine how long these strategic petroleum reserves should last.
The decision to expand these reserves comes in the wake of the conflict in Gaza, where thousands of Palestinians have lost their lives, and millions have been displaced due to Israel’s actions. This situation has created uncertainty in the global economy, especially for countries like Pakistan that rely on a steady supply of fuel from other nations.
To safeguard against potential disruptions in fuel supply, it has become crucial to increase the capacity of petroleum reserve storage in Pakistan. The exact amount of reserves and how long they can sustain the country’s needs will be determined after a comprehensive assessment.
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