In the first eleven months of the fiscal year 2024, Pakistan’s oil industry exported a record 763,000 metric tons of furnace oil, marking a significant milestone. The main cause of this growth in exports is the significant oil output that results from strong refinery production capacities mixed with lower local demand.
Exports totaled 150,000 metric tonnes in May alone, indicating growth over earlier months. Executives from refineries clarified that although global prices were down, the surplus furnace oil production was primarily exported due to a decline in demand from nearby power plants.
According to the Brownfield Refinery Policy, the industry is expected to grow much more in the future. In order to meet global standards and market demands, the emphasis will be on increasing the production of gasoline and diesel and decreasing the production of furnace oil. These programs seek to guarantee that refinery operations are optimized and that international quality standards are met.
The accomplishments of Pakistan’s oil industry highlight the country’s capacity to adjust to changing market conditions and maximize resource use for both local consumption and exports abroad. It is anticipated that this calculated strategy will increase the industry’s competitiveness and benefit the nation’s economy.
