Pakistan says Saudi help securing oil supplies as it vows to absorb price shocks amid Iran war
ISLAMABAD: Pakistan said on Tuesday it was working with Saudi Arabia and the United Arab Emirates to secure oil supplies and would try to absorb any further global price shocks to shield consumers, after a record fuel price hike triggered by the ongoing Iran war and disruptions to regional energy routes.
Petroleum Minister Ali Pervaiz Malik said the government had coordinated with Saudi authorities to arrange shipments from the Red Sea port of Yanbu, part of broader efforts to stabilize supplies as tensions in the Middle East roil global energy markets.
The conflict escalated after coordinated US and Israeli strikes on Iran late last month, followed by Iranian retaliation across the Gulf and the closure of the Strait of Hormuz, a key corridor through which roughly one-fifth of the world’s oil supply passes. The disruption has driven crude prices higher and raised fears of global supply shortages.
“With the prime minister’s support, and with the help of the Saudi ambassador, we coordinated with the Saudi government to arrange [oil shipments] from Yanbu, which is a port on the Red Sea,” Malik said in an interview with Geo News.
