Oil is the second largest primary source of energy supply in Pakistan, which is linked to numerous sectors. The existing study aims to calculate the crude oil import demand in Pakistan as a function of real income and the real price of crude oil from 1986 to 2018.
Why is it important to estimate Pakistani crude oil import demand?
Thus, it is incredibly crucial to estimate the factors of Pakistani crude oil import demand correctly. Thus, Pakistan is a developing nation and oil is taken as a prime source of energy production, and also it drives economic growth.
Will crude oil play a vital role in Pakistan’s mixed energy?
Based on the recent projection of the Ministry of Energy (petroleum division) that, notwithstanding the rising significance of clean energy reserves, crude oil will remain to play a vital part in Pakistan’s mixed energy over the period, it is most imperative to discover the Pakistani crude oil market .
How much oil does Pakistan import from the Middle East?
To fulfill the economic demand, Pakistan imported 10.68 million tons of oil equivalent (Mtoe) crude oil from the Middle East. Pakistan meets just 15 % of the indigenous resource needs and 85 % of oil imports .