KARACHI: Pakistan would take a $1.2 billion hit on every $5 per barrel increase in the global oil prices, experts told Arab News after two Saudi oil facilities were droned on Saturday, adding that such a scenario could lead to “unimaginable” economic consequences for the South Asian country.
The Houthi militia attacked the Kingdom’s major oil facilities in the Eastern Province on Saturday, causing a disruption of 5.7 million barrels a day and removed 5 percent of global oil supply that resulted in a 15 percent increase in the global oil price at the beginning of the Asian trade on Monday.
The Brent crude for November futures traded at $65.41 per barrel by midday after posting an 8.6 percent gain in the Asian trade.
The attack that the US State Secretary, Mike Pompeo, blamed on Iran resulted in the single biggest oil supply disruption since the Iranian Revolution of 1979 when 5.6 million barrels a day went out of the global supply.
With all eyes riveted on Saudi Arabia and how quickly it manages to restore its full oil production, Pakistani experts say it will have a devastating impact on the country’s economy as Pakistan’s enhanced oil import bill will undermine all the measures to bring down the current account deficit.
Oil imports constituted 26 percent of the country’s total import bill of $54.8 billion during the fiscal year FY19 and 24 percent during the fiscal year FY18, according to the Pakistan Bureau of Statistics.
“Every $5 per barrel surge in oil prices weakens Pakistan’s balance of payments by $1.2bn on an annual basis, assuming that the prices remain high throughout the year,” Samiullah Tariq, Director Research at the Arif Habib Limited, a brokerage firm, told Arab News on Monday.
“Higher oil prices will lead to higher inflation and negative balance of payments. If the global uncertainty persists it will also negatively affect us since such circumstances usually impede financial inflows. It would also make things difficult for Eurobond and Sukuk issuance,” he added.
Economists say that such attacks can thwart Pakistan’s efforts to reduce its import bill, adding to its current account deficit once again.
“The price spike that is expected to stay at around $70 per barrel will increase our import bill and trade deficit that recently declined. This will once again begin to erode our foreign reserves,” Dr. Ayub Mehar, a senior economist, told Arab News.
“The government must take remedial measures from now on,” he added.
“The increasing crude prices will exert pressure on an already indebted nation,” GA Sabri, former secretary petroleum, told Arab News. “We are facing a financial crisis and this attack can further deepen our losses. The losses can be unmanageable because we mainly import oil from Saudi Arabia. The recent developments are very serious and disturbing and can have a trickle down impact on the overall economy.”
Experts suggest exploration of domestic energy resources. They also implore the government to find new oil import destinations to mitigate risks to Pakistan’s energy security.
“This attack on the Aramco installations show that in future such facilities would be subjected to war targets in the regional flare up. This will impact your strategic facilities,” Dr. Maria Sultan, Director General of South Asian Strategic Stability Institute University, told Arab News.
“I am constantly calling for exploration of domestic oil and gas and other minerals because the country is full of these natural energy resources,” Sabri suggested. “We must also honor our commitments and start long term TAPI [Turkmenistan-Afghanistan-Pakistan-India] gas pipeline project,” he added.
Pakistan looking at 'unmanageable' economic catastrophe post Aramco attacks – experts
Pakistan looking at 'unmanageable' economic catastrophe post Aramco attacks – experts
- Every $5 per barrel price increase would jack up Pakistan’s import bill by $1.2 billion, analysts warn
- Houthis attack on oil facilities removes 5.7 mbd from global supply, trigger price spike
Rizwan to lead Pakistan in first T20I against Australia today after ODI series win
- Pakistan to play three-match series against Australia on Nov. 14, 16 and 18 in Brisbane, Sydney and Hobart
- Rizwan’s side defeated Australia 2-1 in three-match series last week to win first series in Australia since 2002
ISLAMABAD: Pakistan skipper Mohammad Rizwan will lead his side for the first time against Australia in a T20I format at Brisbane today, Thursday, after steering the green shirts to their first ever ODI series victory against the 2023 world champions since 2022.
Rizwan will become the 12th person to assume Pakistan’s T20 captaincy when he takes the field in Brisbane for the first T20I. Pakistan’s cricket team, encouraged by stellar performances from fast bowlers Haris Rauf, Shaheen Shah Afridi and Naseem Shah, beat Australia 2-1 in the three-match series that concluded last week.
After Thursday’s match, Pakistan will play against Australia in Sydney and Hobart on Nov. 16 and 18 respectively. Pakistani cricketers Jahandad Khan, Mohammad Abbas Afridi, Omair Bin Yousuf, Sahibzada Farhan, Sufiyan Moqim and Usman Khan joined the T20I squad in Brisbane on Nov. 11 after undergoing a five-day training camp in the southern port city of Karachi.
“We are confident after beating Australia in the ODI series but international cricket is always challenging so we aim to do things as better as we can going into this T20I series against Australia,” Rizwan said a day before the match.
“We have determined the roles of various players in the team and look forward to executing our best plans not just in this series but also in the upcoming white-ball fixtures against Zimbabwe and South Africa.”
The Pakistan captain said he wanted to keep all the players involved in the series motivated.
“Of course, the conditions have helped the bowlers on this tour so far but we also want to prove our mettle as a batting unit and I look forward to an exciting contest in the three matches,” he said.
Pakistan last faced Australia in a T20 contest in March 2022 when the two teams played a one-off T20I in Lahore, which Australia won. In Pakistan’s last T20I series in Australia in November 2019, the hosts won 2-0 after the opening match ended in a no result.
Josh Inglis will lead Australia in the T20I series while Tim David and Nathan Ellis have joined Australia’s T20I squad. Josh Philippe, meanwhile, has replaced the injured Cooper Connolly.
Pakistan: Mohammad Rizwan (captain – wicket-keeper), Salman Ali Agha (vice-captain), Arafat Minhas, Babar Azam, Haris Rauf, Haseebullah, Jahandad Khan, Mohammad Abbas Afridi, Muhammad Irfan Khan, Naseem Shah, Omair Bin Yousuf, Sahibzada Farhan, Shaheen Shah Afridi, Sufyan Moqim, Usman Khan
Pakistan’s rover to join China’s Chang’E 8 mission to explore lunar surface in 2028
- Chang’E 8 mission is a robotic exploration of the lunar south pole, known for its challenging terrain, by China in 2028
- Pakistan’s rover will conduct scientific experiments such as lunar soil study and conduct tests for human presence
ISLAMABAD: Pakistan’s national space agency announced this week its rover will join China’s Chang’E 8 mission to explore the moon’s surface in 2028, describing the development as a “significant milestone” for the South Asian country.
The Chang’E 8 mission is a robotic exploration of the lunar south pole by China, expected to launch in 2028. The Pakistan Space and Upper Atmosphere Research Commission (SUPARCO), the country’s space program, said its rover will land on the lunar south pole in 2028 as part of the Chang’ E 8 mission. The south pole of the moon is known for its challenging terrain and potential scientific discoveries.
In May, Pakistan launched its first lunar satellite aboard China’s Chang’e-6 probe, which was tasked with landing on the far side of the moon that perpetually faces away from the Earth. China was the first country to make such an ambitious attempt.
“SUPARCO’s rover, with an approximate weight of 35 kilograms, will join China’s Chang’E 8 mission, which is part of the larger International Lunar Research Station (ILRS) project,” SUPARCO said in a statement on Wednesday.
“This collaboration marks a significant milestone for Pakistan’s space program, as SUPARCO’s indigenous rover will be part of the mission to explore the lunar surface.”
SUPARCO said the mission would involve scientific experiments such as lunar soil study, lunar surface mapping and testing new technologies for human presence on the moon. It highlighted that the rover, equipped with state-of-the-art scientific instruments, would play a pivotal role in collecting data.
“This collaboration with China highlights the strong bilateral relations between the two countries and their shared vision for space exploration,” it concluded.
Army says suicide bomber recruiter among four militants killed in southwest Pakistan
- High value target recruited suicide bombers for separatist outfit BLA in district Kech, says army
- Last week’s bomb blast claimed by BLA at railway station in southwestern Pakistan killed at least 24
ISLAMABAD: Security forces shot dead four militants, among them a recruiter for suicide bombers for the separatist outfit Baloch Liberation Army (BLA) in an intelligence-based operation in southwest Pakistan, the military’s media wing said on Wednesday.
The operation was conducted in Balgatar area of southwestern Balochistan province’s Kech district, the Inter-Services Public Relations (ISPR), the army’s media wing, said.
Pakistan launched an armed operation in Balochistan earlier this month against separatist militants behind multiple attacks in August in which over 50 people, including civilians and security officials were killed. The BLA also claimed responsibility for a bomb blast last week that killed at least 24 people and left 50 injured at a railway station in Quetta.
“During the conduct of the operation, after an intense fire exchange between own troops and the terrorists, four terrorists including a high-value target, terrorist ringleader Sana (alias) Baru were killed,” the ISPR said.
“He was a focal recruitment agent, especially suicide bombers, for the so-called Majeed Brigade in District Kech and was highly wanted by the law enforcement agencies.”
Weapons and ammunition were also recovered from the slain “terrorists,” the army’s media wing said. It added that security forces had launched a sanitization operation to eliminate any other “terrorists” found in the area.
Pakistan’s Balochistan province, which shares porous borders with Afghanistan and Iran, has been the scene of a low-lying insurgency for decades. Ethnic Baloch nationalists have long accused the central government and Punjab of monopolizing profits from Balochistan’s natural resources.
The state denies these allegations and says it is working on several projects to usher in development in the gas-and-oil rich province.
Father of British-Pakistani girl admits killing her but denies intent
- Sara Sharif, 10, was found dead in her bed in southwest London in August last year with serious injuries
- Her father, Urfan Sharif, had fled to Pakistan a day before her body was found with his wife and Sara’s uncle
LONDON: The father of a 10-year-old British-Pakistani girl on Wednesday admitted that he killed his daughter but maintained he had not meant to harm her, even as he beat her when she lay dying.
Sara Sharif was found dead in her bed in Woking, southwest of London, on August 10, 2023, with extensive injuries including broken bones, burns and bite marks.
Her father, Urfan Sharif, 42, had fled to Pakistan a day before her body was found, with his wife Beinash Batool, 30, and the girl’s uncle, Faisal Malik, 29.
All three adults deny murder and a separate charge of allowing the death of a child.
Giving evidence at the Old Bailey court in central London, Urfan Sharif had previously blamed Batool, Sara’s stepmother, and said she had forced him to confess to killing her.
But under questioning from his wife’s lawyer on Wednesday the taxi driver said he took “full responsibility” for what had happened, but that he had not intended to hurt Sara.
Asked if he killed Sara by beating, he replied: “Yes, she died because of me.”
He also admitted causing multiple fractures in the weeks before Sara’s death, using a cricket bat on her as she was bound with packaging tape, throttling her with his bare hands and breaking the hyoid bone in her neck.
“I can take full responsibility. I accept every single thing,” he said, also accepting that he badly beat Sara on August 8 when she had collapsed and was dying.
He maintained however that he was not guilty of the murder charge. “I did not want to hurt her. I didn’t want to harm her,” he told the jury.
Sara’s body was discovered in her bed on August 10. Her father phoned British police after arriving in Islamabad and said he had beaten his daughter “too much.”
A written confession was found beside her. A post-mortem examination found she had suffered multiple injuries, including at least 25 broken bones.
She also had burns and human bite marks on her body but Urfan Sharif denied making them.
The defendants were arrested on September 13 when they flew back to the UK.
Pakistan says Morocco interested in collaborating in aerospace sector
- Moroccan Air Force Inspector Maj. Gen. Mohammed Gadih calls on Pakistan’s chief of air staff in Islamabad
- Both officials discuss military cooperation and enhancing joint training exercises between the two countries
ISLAMABAD: Moroccan Air Force Inspector Major General Mohammed Gadih has expressed interest in collaborating with the Pakistan Air Force (PAF) in the aerospace sector, the military’s media wing said on Wednesday, as the two countries move toward strengthening defense relations.
Pakistan and Arab countries enjoy strong defense ties, with both engaging in frequent joint training exercises and collaborations related to defense production and counter-terrorism intelligence sharing.
Gadih called on Pakistan’s Chief of Air Staff Air Marshal Zaheer Ahmed Baber Sidhu in Islamabad to discuss military cooperation and enhancing joint training between both countries, the Inter-Services Public Relations, (ISPR) the military’s media wing, said.
“Maj Gen Gadih lauded the technological advancement of PAF and expressed the desire of Moroccan Air Force to learn from aerospace industrial strides of PAF to enhance its operational capabilities,” the ISPR said.
“He conveyed his admiration for the state-of-the-art technological ecosystem witnessed during his visit to National Aerospace Science and Technology Park and shared his deep interest in exploring avenues of collaboration in the industrial domain.”
The Pakistani air chief reiterated his resolve to strengthen bilateral military partnership with Morocco, saying that it could be achieved through collaboration in joint training initiatives such as basic and tactical level training for Moroccan Air Force personnel.
The Moroccan air force official also visited different installations and technological infrastructure at the Air Headquarters, including the National ISR and Integrated Air Operations Center.
