KARACHI: Saudi Aramco has not allocated a crude oil cargo for March to a Pakistani refinery amid heightened volatility in global oil markets, industry sources told The News on Friday.
Sources said increased uncertainty in the crude market has made it more difficult to secure cargoes for March. A local refinery was unable to finalise one crude shipment for the month, they added.
They attributed the tighter conditions partly to reduced availability of Russian crude in international markets. Access to Russian oil has become more constrained in recent months due to sanctions imposed by the European Union and other Western countries. The situation has also been affected by a dynamic price cap mechanism that came into effect on February 1, 2026, adding further uncertainty to Russian oil trade flows.
With Russian supplies becoming harder to obtain, several countries have shifted towards alternative crude grades. In the region, India has significantly increased its purchases from the Abu Dhabi National Oil Company (Adnoc) and Saudi Aramco, according to industry officials.
Sources said that in response to stronger demand from key buyers, Aramco has adjusted supply allocations for some clients. One Pakistani refinery received reduced volumes for March, they said.
Industry representatives described the crude market as “highly volatile”, noting that price trends remain closely linked to geopolitical developments, particularly negotiations between the United States and Iran.
They said any escalation could push international oil prices higher, while a negotiated settlement might lead to a downward correction, especially as global markets are currently facing relatively comfortable supply conditions.
Pakistan relies heavily on crude imports from the Middle East, particularly from Saudi Aramco and Adnoc. One refinery has also imported crude from the United States under the cooperation framework between the two countries in the energy sector.
