Commonly referred to as the lifeblood of the modern economy, crude oil is a primary raw material for key economic activities and holds a cardinal status in supporting economic growth of any country. For an energy-intensive growing economy like Pakistan, oil is akin to the country’s sustained economic acceleration and development and is also a matter of its national security. From an economic perspective, Pakistan is a developing country counting on oil and petroleum products as its biggest import item. Just as other countries with low or no oil production, Pakistan is predestined to meet its rapidly-expanding energy needs with…
