Pakistan’s oil sector has achieved a significant milestone in the fiscal year 2024 by exporting a record 763,000 metric tonnes of furnace oil in the first eleven months. This increase in exports is primarily due to lower local demand combined with high refinery production capacities, resulting in substantial oil output.
During May alone, exports amounted to 150,000 metric tonnes, showing improvement compared to previous months. Refinery executives explained that the surplus production of furnace oil was mainly exported because of reduced demand from local power plants, despite lower global prices.
Looking ahead, the sector is poised to make further advancements under the Brownfield Refinery Policy. The focus will be on enhancing the production of petrol and diesel while scaling down the production of furnace oil to meet international standards and market demands. These initiatives aim to optimize refinery operations and ensure compliance with global quality norms.
The achievements in Pakistan’s oil sector underscore its capability to adapt to market dynamics and optimize resource utilization for both domestic needs and international exports. This strategic approach is expected to bolster the sector’s competitiveness and contribute positively to the country’s economy.
