Pakistan Ready for Next Big Oil Shock: Moody’s Analyst
Pakistan is better placed to handle the economic impact of the Middle East war than it was during the 2022 oil shock, according to Moody's analyst Grace Lim.
Pakistan is better placed to handle the economic impact of the Middle East war than it was during the 2022 oil shock, according to Moody's analyst Grace Lim.
Article outline
- What happened
- The key numbers
- The details
- The bottom line
Key points
- While US West Texas Intermediate gained 3.2 percent to $94.41, brent crude rose 2.06 percent to around $99 per barrel on Tuesday.
- When the Russia-Ukraine war triggered a major energy cost shock, Pakistan now has stronger external buffers to manage higher import costs, the analyst went on, unlike 2022.
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- She remarked these improvements have given Pakistan a stronger buffer to absorb higher energy costs and other effects of the US-Iran war.
Lim remarked Pakistan has improved its economic stability over the past two years by bringing down inflation, stabilizing the exchange rate and increasing foreign exchange reserves.
She remarked these improvements have given Pakistan a stronger buffer to absorb higher energy costs and other effects of the US-Iran war. Saudi-Funded Islamabad Hospital Set for Contract After 20-Year Delay.
In practice, the comments come as global oil rates rise after renewed fighting in the Middle East. Pakistan has already rose petrol costs by Rs. 12.90 per litre and high-speed diesel by Rs. 3.72 per litre.
Meanwhile, the war has additionally triggered concern concerning disruptions to oil supplies through the Strait of Hormuz.
When the Russia-Ukraine war triggered a major energy cost shock, Pakistan now has stronger external buffers to manage higher import costs, the analyst went on, unlike 2022. Stay Connected with ProPakistani.
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For now, pakistan Ready for Next Big Oil Shock: Moody's Analyst remains the part of the story worth watching, and further updates are likely as more details are confirmed.
