Pakistan Boosts US Oil Imports Amid Gulf Disruptions
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Insights by Echo AI
Pakistan's largest refiner, Cnergyico, is increasing imports of US crude oil due to disruptions in the Strait of Hormuz, which handles 90% of Pakistan's oil and LNG imports. The move is also aimed at narrowing Pakistan's trade surplus with the US and potentially securing tariff reductions. However, this increased dependence on US oil imports has led to a rise in dollar-denominated debt to Washington, with critics warning of potential risks.
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