KARACHI: Pakistan is considering importing crude oil from the United States for the first time to offset a trade imbalance that triggered higher US tariffs, according to a government source directly involved with the proposal and a refinery executive.
Countries are scrambling to find ways to lower their US tariff burdens, including buying more US oil and gas, as President Donald Trump’s sweeping import duties rattle economies and markets.
“It is one of the products being reviewed ahead of a delegation leaving for the US to talk about tariffs,” said a government source directly involved with the proposal to the prime minister to buy more US crude.
“It is under active consideration. We are exploring opportunities and the structure to do it, but the PM has to approve it,” he said.
Trump has imposed a 10 percent baseline tariff on all imports to the US and higher duties on dozens of other countries. Pakistan faces a 29 percent tariff due to a trade surplus with the US of about $3 billion, although that is subject to the 90-day pause Trump announced last week.
The refinery executive told Reuters that the idea is to buy US crude equivalent to Pakistan’s current imports of oil and refined products, or about $1 billion of oil.
The sources declined to be named as the proposal is in its preliminary stage.
Pakistan’s petroleum ministry did not immediately respond to a request for comment.
Pakistan imported 137,000 barrels per day of crude in 2024, mostly light grades from the Middle East, with Saudi Arabia and the United Arab Emirates among its top suppliers, data from analytics firm Kpler showed. Oil imports amounted to $5.1 billion in 2024, data from Pakistan’s central bank showed.
In February, Saudi Arabia, through the Saudi Fund for Development (SFD), extended a $1.2 billion financing facility to Pakistan for the import of oil products for a year. The SFD has provided approximately $6.7 billion to Islamabad for oil products since 2019.
Before Trump’s partial tariff pause last week, Pakistan said that it would send a delegation to the US in the coming weeks to negotiate new tariffs.
Several big energy importers are looking to buy more from the US to ease trade surpluses.
Last Friday, Indian state gas firm GAIL India Ltd. issued a tender to buy a 26 percent stake in a US liquefied natural gas (LNG) project and import LNG, while Japan, South Korea and Taiwan have discussed participating in an LNG project in the US state of Alaska.
Pakistan mulls US oil imports to ease trade imbalance
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Pakistan mulls US oil imports to ease trade imbalance
- Pakistan said that it would send a delegation to the US in the coming weeks to negotiate new tariffs
- Countries are scrambling to find ways to lower their US tariff burdens, including buying more US oil and gas
IPL chiefs in talks about restart following India-Pakistan ceasefire— reports
- Indian Premier League was suspended for a week on Friday after tensions spiked between India, Pakistan
- There are 12 regular season games remaining to be played followed by three playoff matches and the final
NEW DELHI: India cricket board officials were reported to be meeting Sunday to discuss a quick resumption of the IPL, following India and Pakistan agreeing a ceasefire in their deadly border conflict.
Nuclear-armed neighbors India and Pakistan called a halt to hostilities on Saturday and Board of Control for Cricket in India (BCCI) secretary Devajit Saikia told website cricbuzz they were “closely monitoring the evolving situation.”
Saikia added they will “take a call on IPL resumption after consulting all stakeholders of IPL and the concerned government authorities.”
Rajeev Shukla, vice president of the BCCI, told Indian media that officials would meet on Sunday to decide the future course of action.
The Indian Premier League was on Friday suspended for a week, a day after a match between Punjab Kings and Delhi Capital was abandoned in Dharamsala, less than 200 kilometers (125 miles) from the northern city of Jammu, where explosions were reported hours earlier.
A special train was arranged for players to return to Delhi on Friday as airspace was closed, while overseas stars began to head home on Saturday.
Teams on Sunday were reported to be contacting their overseas players and coaching staff about returning, with website ESPNcricinfo saying the IPL could restart around May 15 if given the go-ahead by the government.
There are 12 regular season games remaining to be played followed by three playoff matches and the final, originally scheduled for May 25.
India and Pakistan have fought two of their three full-scale wars over Kashmir, a disputed territory that both claim in full but administer separate portions of since gaining independence from British rule in 1947.
New Delhi launched missile strikes on Wednesday morning in retaliation for a deadly attack on tourists in Indian-run Kashmir two weeks ago that India blames on Pakistan.
Islamabad has denied any involvement.
At least 60 people have been killed on both sides of the border since Wednesday, in the worst violence in decades between the South Asian neighbors.
FACTBOX: The Himalayan region of Kashmir, at the heart of India-Pakistan enmity
- Kashmir has been site of several wars and diplomatic standoffs between India and Pakistan
- India accuses Pakistan of arming and training militants, an allegation Islamabad has denied
NEW DELHI: India and Pakistan agreed to stop firing along their border on Saturday, bringing an end to the escalated tensions between the two arch-rivals after multiple
strikes were launched against military bases.
The Muslim-majority Himalayan region of Kashmir, which is claimed in full by both India and Pakistan, has been the site of several wars and diplomatic standoffs.
Here is a look at the region, its history, and why it continues to be a source of tension between the two countries:
PARTITION AND ACCESSION
After partition of the subcontinent in 1947 following independence from British rule, Kashmir was expected to become part of Pakistan, as with other Muslim-majority regions.
Its Hindu ruler wanted it to stay independent but, faced with an invasion by Muslim tribesmen from Pakistan, acceded to India in October 1947 in return for help against the invaders.
GEOGRAPHY AND DEMOGRAPHICS
Kashmir ended up divided among Hindu-majority India, which governs the Kashmir Valley, Jammu and Ladakh; Islamic Pakistan, which controls Azad Kashmir (“Free Kashmir“) and the Northern Areas; and China, which holds the Aksai Chin region. Indian-administered Kashmir has a population of around 7 million, of whom nearly 70 percent are Muslim.
ARTICLE 370
A provision of the Indian constitution, Article 370, provided for partial autonomy for Jammu and Kashmir. It was drafted in 1947 by the then-prime minister of the state, Sheikh Abdullah, and accepted by India’s first prime minister, Jawaharlal Nehru. Although intended as temporary, it was included in India’s Constitution in 1949 by the constituent assembly.
WARS AND MILITARY STANDOFFS
India and Pakistan have fought three wars since independence, two of them over Kashmir in 1947 and 1965. A third in 1971 led to the creation of Bangladesh. In 1999, they clashed again in the Kargil region in what was described as an undeclared war. A UN-brokered ceasefire line, the Line of Control, now divides the region.
THE INSURGENCY
Many Muslims in Indian Kashmir have long resented what they see as heavy-handed rule by India. In 1989, that bubbled over into an insurgency by Muslim separatists. India poured troops into the region and tens of thousands of people have been killed.
India accuses Pakistan of arming and training militants, which Islamabad denies, saying it offers only moral and diplomatic support.
REVOKING OF SPECIAL STATUS
In August 2019, Prime Minister Narendra Modi’s Indian government revoked Kashmir’s semi-autonomous status in a move it said would better integrate the region with the rest of India. The state was reorganized into two federally administered union territories — Jammu and Kashmir, and Ladakh. Pakistan strongly objected, downgrading diplomatic ties.
RECENT YEARS
Modi says his 2019 decision brought normality to Kashmir after decades of bloodshed. Violence has tapered off in recent years, according to Indian officials, with fewer large-scale attacks and rising tourist arrivals. Targeted killings of civilians and security forces are still reported, however.
2024 ELECTIONS
In 2024, Jammu and Kashmir held its first local elections since the 2019 revocation of autonomy. Several newly elected lawmakers urged a partial restoration of Article 370. Key regional parties boycotted or criticized the vote, saying the winners would not get any real political power.
2025
Tensions escalated after an attack on April 22 in the resort town of Pahalgam in Indian Kashmir in which 26 men, mostly Hindus, were killed. India identified two of the three suspected militants as Pakistanis, although Islamabad denied any role.
Among a slew of tit-for-tat reprisals, India suspended the 1960 Indus Water Treaty regulating the sharing of water from the river and its tributaries.
India launched attacks on May 7 on what it said were “terrorist camps” in Pakistan, including in Pakistani Kashmir.
Strikes and counterstrikes against each side’s military installations followed. On Saturday, May 10, after concerted US diplomacy and pressure, the two nations said they had agreed to a “full and immediate ceasefire.”
Trump says will increase trade ‘substantially’ with India and Pakistan
- US president says will work with India and Pakistan to see if Kashmir dispute can be resolved
- Trump says will increase trade ‘substantially’ with India and Pakistan amid ceasefire
ISLAMABAD: US President Donald Trump on Sunday appreciated the leadership of both India and Pakistan for having the wisdom to agree to a ceasefire after days of increasing hostilities, vowing to increase trade “substantially” with both South Asian rivals.
This was posted by the American president on his Truth Social platform, a day after he announced Washington had brokered a ceasefire agreement between India and Pakistan.
The nuclear-armed nations exchanged missiles and drone attacks this week, raising widespread fears of a nuclear confrontation between the two. Relations between India and Pakistan deteriorated after Delhi blamed Islamabad for backing an attack on tourists in Indian-administered Kashmir that killed 26.
Islamabad denied involvement, with tensions reaching a boiling point after India fired missiles at what it said were “terrorist infrastructure” in Pakistan this week, killing several. Pakistan said India had killed only civilians, vowing retribution.
“I am proud that the USA was able to help you arrive at this historic and heroic decision,” Trump said, referring to the ceasefire.
“While not even discussed, I am going to increase trade, substantially, with both of these great Nations.”
The US is an important trade partner of Pakistan, with Washington’s goods exports to Pakistan reaching $2.1 billion in 2024, up 4.4 percent ($90.9 million) from 2023, according to US government data.
The import of goods from Pakistan to the US totaled $5.1 billion in 2024, up 4.9 percent ($238.7 million) from 2023.
The US considers India its key strategic ally and has bolstered trade and defense ties with New Delhi in recent years to counter Beijing’s rising influence in Asia.
‘A THOUSAND YEARS’
India and Pakistan have fought two out of three wars since 1947, when both gained independence from British colonial India, over the disputed Himalayan territory of Kashmir.
Both countries claim the region entirely but govern only parts of it. The part administered by Pakistan is known as Azad Kashmir.
In his Truth Social post, the American president said he would try to resolve the Kashmir dispute between the two nations.
“Additionally, I will work with you both to see if, after a ‘thousand years,’ a solution can be arrived at concerning Kashmir,” he wrote.
“God Bless the leadership of India and Pakistan on a job well done!!!“
The ceasefire announcement came after the Pakistan military said early on Saturday it had launched retaliatory strikes against India, accusing it of attacking three bases in Pakistan with missiles.
Pakistan’s military said it had targeted multiple bases in India in response, including a missile storage site in India’s north, as part of an operation it named “Bunyan-um-Marsoos.”
Within hours of the ceasefire announcement on Saturday afternoon, however, India accused Islamabad of violating it by targeting Srinagar city in Indian-administered Kashmir.
Pakistan’s Information Minister Ata Tarar denied the allegation, saying people in his country were celebrating the end of the conflict and the government remained committed to the agreement.
The foreign office of Pakistan also maintained the country remained committed to the “faithful implementation” of the ceasefire.
Pakistan observes ‘Day of Gratitude’ today to celebrate ‘befitting response’ to Indian military
- Pakistan agreed to a ceasefire with India on Saturday after both sides exchanged missile, drone attacks
- Shehbaz Sharif urges nation, particularly religious scholars, to offer special prayers for those killed in conflict
ISLAMABAD: Prime Minister Shehbaz Sharif has announced that the nation would mark today, Sunday, as a “Day of Gratitude” to recognize the “befitting response” it had delivered to the Indian military following a shaky ceasefire agreement between Islamabad and New Delhi that took after days of conflict between the nuclear-armed neighbors.
United States President Donald Trump announced on Saturday that Washington had brokered a ceasefire between India and Pakistan following intense missile and drone exchanges, which began after a gun attack in Pahalgam, a tourist resort in Indian-administered Kashmir, that killed 26 people, in April.
India blamed Pakistan for the incident despite Islamabad’s rejection of the allegation, and launched retaliatory strikes on what it called “terrorist infrastructure.” It also took other retaliatory actions, including the suspension of a decades-old river water sharing treaty with lower riparian Pakistan.
The ceasefire announcement came after the Pakistan military said early on Saturday it had launched retaliatory strikes against India, accusing it of attacking three bases in Pakistan with missiles. Pakistan’s military said it had targeted multiple bases in India in response, including a missile storage site in India’s north.
“Prime Minister Muhammad Shehbaz Sharif has announced to observe ‘Youm-e-Tashakkur’ across the country today [Sunday] for giving a befitting response to Indian aggression and the success of ‘Operation Bunyan-un-Marsoos,’” state broadcaster Radio Pakistan reported.
The state media said the day would be observed to offer gratitude to god, pay tribute to the Pakistani armed forces for their “unmatched bravery” and appreciate the nation’s resilience.
Sharif appealed to the nation, particularly religious scholars, to offer voluntary prayers for the people who had been martyred in the attacks.
“Shehbaz Sharif expressed the resolve that the sacrifices of the Pakistan Armed Forces will never be forgotten, as the nation stands shoulder to shoulder with them,” Radio Pakistan said.
SHARIF HOPES TO RESOLVE OUTSTANDING ISSUES
In his address to the nation on Saturday night, the Pakistani prime minister hoped Islamabad’s ceasefire with New Delhi would pave the way for both countries to resolve longstanding issues.
“We firmly believe that all outstanding issues, including the dispute over Jammu and Kashmir and the distribution of water resources, should be resolved through peaceful dialogue in accordance with the principles of justice,” he said.
Indian Foreign Secretary Vikram Misri had announced that the two countries’ military operations chiefs had spoken to each other and agreed that all fighting would stop at 5 p.m. Indian time (1130 GMT) on Saturday, without using the word “ceasefire.” The MO chiefs would next speak on May 12, he added.
Within hours, however, India accused Islamabad of violating the ceasefire by targeting Srinagar city in Kashmir.
Pakistan’s Information Minister Ata Tarar denied the allegation, saying people in his country were celebrating the end of the conflict and the government remained committed to the agreement.
The foreign office of Pakistan also maintained the country remained committed to the “faithful implementation” of the ceasefire.
“Notwithstanding the violations being committed by India in some areas, our forces are handling the situation with responsibility and restraint,” it said in a statement.
Pakistan’s religious affairs minister commends Saudi Hajj arrangements during Makkah visit
- Sardar Yousaf urges Pakistani pilgrims to follow Saudi guidelines for a smooth Hajj experience
- He visits Pakistan’s Hajj Medical Mission and camps in Mina to review facilities for pilgrims
ISLAMABAD: Pakistan’s Minister for Religious Affairs Sardar Muhammad Yousaf on Saturday praised Saudi authorities for the arrangements made for this year’s Hajj pilgrims, describing the facilities as comfortable and well-managed.
The remarks came during his visit to Makkah, where he met officials and inspected facilities for Pakistani pilgrims, including medical services and accommodation in Mina.
“The arrangements made by the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, and Crown Prince Mohammed bin Salman for the guests of Allah Almighty are truly commendable,” the Associated Press of Pakistan quoted Yousaf as saying.
“We appreciate the efforts to ensure comfort, safety and well-being of all pilgrims,” he added.
The minister urged Pakistani pilgrims to fully comply with the rules and guidelines issued by Saudi authorities, stressing they were designed to facilitate a smooth pilgrimage experience.
Yousaf also toured the Pakistan Hajj Medical Mission and received a briefing on the facilities available for pilgrims.
He later made a surprise visit to Mina camps managed by the Saudi company Al Rajhi, expressing satisfaction with services such as air-conditioned tents, sofa-cum-beds and dedicated storage spaces.
The minister reiterated Pakistan’s commitment to providing high-quality services to its pilgrims and emphasized that no lapses in care would be tolerated.
Hajj is expected to take place between June 4 and 9 this year. Pakistan launched special Hajj flights on April 29 and has since transported thousands of pilgrims to Madinah.
