Islamabad – Pakistan’s Ministry of Finance has confirmed that the country currently holds ample petroleum reserves despite rising tensions between Iran and Israel. This assurance comes after a committee meeting chaired by Finance Minister Muhammad Aurangzeb to assess the impact of recent regional conflicts on the oil market.
The committee, formed under the Prime Minister’s directive, reviewed the international and local petroleum market situation in detail. They concluded that there is no immediate threat to the supply of petroleum products in Pakistan, offering relief amid global uncertainty.
However, members emphasized the need to stay alert due to the rapidly changing conditions in the region. To ensure timely responses, a dedicated working group will monitor developments daily, while the main committee will meet weekly to evaluate the situation and advise the Prime Minister accordingly.
The Finance Ministry stated that the Petroleum Division has been assigned the responsibility of supporting the committee’s efforts and ensuring smooth implementation of its strategies. This proactive approach aims to protect national energy interests and maintain market stability during uncertain times.
The recent clashes between Israel and Iran have caused fluctuations in global oil prices. On Monday, Brent crude futures rose slightly to $74.29 per barrel, while U.S. West Texas Intermediate crude increased to $73.19 per barrel. These changes followed a significant 7% price surge on Friday, triggered by fears that the conflict could disrupt oil exports from the Middle East.
Pakistan’s government remains committed to energy security and market stability. It is closely watching the situation to prevent supply interruptions and to maintain steady petroleum availability for the nation during this delicate period.