Pakistan’s oil sector has marked a significant milestone in fiscal year 2024, achieving record exports of 763,000 metric tonnes of furnace oil in the first eleven months. This surge in exports can be attributed to reduced local demand coupled with robust refinery capacities, resulting in substantial oil production.
May alone witnessed exports totaling 150,000 metric tonnes, indicating a notable improvement compared to previous months. Refinery executives clarified that surplus furnace oil production was predominantly exported due to decreased demand from local power plants, despite lower global prices.
Looking forward, the sector is set to advance further under the Brownfield Refinery Policy. The primary focus will shift towards augmenting petrol and diesel production while scaling down furnace oil production to align with international standards and market requirements. These initiatives aim to streamline refinery operations and ensure adherence to global quality benchmarks.
The accomplishments of Pakistan’s oil sector underscore its adeptness in responding to market dynamics and optimizing resource allocation for both domestic consumption and international trade. This strategic approach is anticipated to enhance the sector’s competitiveness and make a positive economic contribution to the nation.