The recent attack by Israel on Iran has raised alarm in many countries about their petroleum reserves.
Iran’s main oil supply route passes through the Strait of Hormuz, which could potentially be disrupted due to the ongoing conflict.
Strait of Hormuz critical chokepoint
The Strait of Hormuz is a critical chokepoint, linking the Persian Gulf to the Gulf of Oman and the Indian Ocean, and it handles a significant portion of the world’s seaborne oil.
Any disruption at this point would affect many countries. In the event of a closure in the coming days, Pakistan currently has enough petrol and diesel reserves to last for more than 28 days.
Oil and Gas Regulatory Authority (OGRA) has clarified that Pakistan currently holds sufficient reserves of petroleum products to meet domestic requirements.
According to OGRA, the country has more than 28 days’ worth of petrol and diesel reserves available. Officials further stated that oil marketing companies are legally required to maintain a minimum of 21 days of stock to ensure an uninterrupted supply across the country.
Pakistan imports the majority of its petroleum products from the Middle East. In addition to petroleum imports, the country is also receiving eight LNG cargoes per month from Qatar to meet its energy needs.
When asked whether rising tensions in the Middle East could disrupt oil supplies, OGRA officials said it was too early to comment on the potential impact.
Regional tensions have escalated following reports that Iran was attacked by the United States and Israel, after which Iran reportedly retaliated. There are growing concerns that any prolonged conflict in the region could disrupt oil supply routes and lead to an increase in global oil prices.
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